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Shell Summary for April 10, 2019

2019-04-10 21:04 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange inched up a fraction to close at 629.09 Wednesday. Derek Lew has filed a preliminary prospectus to list his first capital pool shell, Caprice Business Development Canada Inc. It plans to sell a $200,000 initial public offering at 10 cents through Haywood Securities Inc.

Mr. Lew, 49, is a lawyer in Vancouver. He holds 500,000 of the shell's two million escrow shares. Caprice sold its escrow shares at the typically discounted five cents in December. Mr. Lew is the president and chief executive officer of GrowthWorks Capital Ltd., a venture capital fund manager. He assumed these positions in 2015, after GrowthWorks Capital had been financially struggling for some time. For example, one of its former funds, GrowthWorks Canadian Fund Ltd., went bankrupt in 2014 and fired it as fund manager. GrowthWorks Capital sued the fund for the termination but lost. These days, it has one fund left to manage, GrowthWorks Atlantic Venture Fund Ltd., which had $6.26-million worth of investments as of Aug. 31, 2018.

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