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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 4.22 points to 626.89 Friday, but it ended the week down 10.93 points. Zachery Dingsdale and Steve Smith's fourth capital pool shell, Auston Capital Corp. (ASTN), has closed its $300,000 initial public offering at 10 cents. The IPO agent was Foster & Associates Financial Services Inc., a registered investment dealer and a member of IIROC (the Investment Industry Regulatory Organization of Canada). Auston's stock will begin trading on Monday.
Mr. Dingsdale and Mr. Smith are investor relations men, offering their services through Tangent Management Corp. Their first three shells each closed a mining deal for its qualifying transaction (Saskatchewan uranium, Quebec uranium and Nevada gold). None of the three shells turned out to be a success for its IPO investors. We consider a capital pool shell to have been a success for its IPO investors if they had sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closed its QT.
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