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Shell Summary for Aug. 15, 2014

2014-08-15 20:20 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 995.90 Friday, ending the week down 1.57 points. Herrick Lau's halted capital pool shell, Lingxian Capital Inc. (LXC), plans to acquire Jinsili International Steel Holdings Co. Ltd. as its qualifying transaction.

The shell will issue up to 22 million shares at a deemed 19 cents a share to the target's shareholders. Jinsili is a Hong Kong company that sells steel in China. According to unaudited financials, it is profitable, as many private Chinese companies with plans of going public in Canada tend to be in the beginning. Jinsili says it earned $430,078 on revenue of $2.43-million in the five-month period ended May 31, 2014. The target has one controlling shareholder, Xizhou Tong, a Chinese who will become president and join the board of Lingxian following the QT. It will be his first time on the board of a public company in Canada.

Jinsili will also appoint Ian Mallmann to the board of directors. Mr. Mallmann, a lawyer and founder of a real estate advisory firm, is also a director of ASB Capital Inc. (ASB), a capital pool shell that last year fired its founding Chinese president, Terry Tang, after learning that he withdrew $265,607 from the company's bank accounts without proper authorization. The company has since written off that amount and continues to search for a QT. Mr. Mallmann is also a director of Symax Lift Holding Co. Ltd. (SYL: $0.25), which sells elevators in China, and Canada Renewable Bioenergy Corp. (XZX), an alternative energy company with operations in China that the exchange halted earlier this month because it is late with its 2014 financial results.

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