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by Stockwatch Business Reporter
The TSX Venture Exchange fell 6.82 points to 618.82 Monday. Mark Sumner has filed a preliminary prospectus to list his first capital pool shell, Daura Capital Corp. It plans to sell a $200,000 initial public offering at 10 cents through Leede Jones Gable Inc.
Mr. Sumner, 36, is a fledgling mining promoter in Portland, Ore. From December, 2016, to November, 2018, he was the executive chairman of a Peruvian copper-silver explorer, Valor Resources Ltd., which trades on the Australian Securities Exchange and last closed at four Australian cents. While he was there, the stock traded between one and four Australian cents. Despite his ineffective efforts at stock promotion, he received a salary of $154,840 (Australian).
Mr. Sumner runs a mining-focused venture capital firm, Kiwanda Group LLC, which has worked a few times with Miles Thompson's Lara Exploration Ltd. (LRA: $0.54). In late 2013, Kiwanda and Lara attempted to sell a Colombian coal project to Brian Bayley and Murray Sinclair's capital pool shell, Nebo Capital Corp., but the deal fell through. Nebo eventually closed a tech deal for its qualifying transaction. In late 2015, Kiwanda and Lara attempted to launch a Chilean phosphate explorer on the ASX through a shell called Phillips River Mining Ltd., but the going public did not materialize. Phillips River did eventually acquire its target Chilean phosphate property, but it is now a private company called Bifox Ltd. Mr. Sumner sits on the board of Bifox.
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