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by Stockwatch Business Reporter

The TSX Venture Exchange declined for the fifth consecutive day Friday, falling 9.69 points to 827.13, and ending the week down 55.69 points. Simon Yakubowicz's first capital pool shell, Cluny Capital Corp. (CLN), which listed less than two months ago, has already found its first qualifying transaction. It plans to acquire Birchtree Energy Corp.

The shell will issue 13,833,272 shares to the shareholders of Birchtree, a company incorporated in Ontario just last month for the purpose of selling wood pellets to Europe, and hopefully one day Asia. So far, Birchtree has generated no revenue in its short life but it claims to have a contract for 4.14 million euros to supply wood pellets to an unnamed German company. The target's largest shareholder is a Russian named Alexander Krutous, who owns 65.1 per cent of its shares. He holds the shares through AMK International Trading Corp., a trading company in Manhattan.

Following the QT, all of Cluny's founding directors will resign with the exception of Peter Simeon, a lawyer at Wildeboer Dellelce LLP. That means Cluny's founder and largest shareholder, Mr. Yakubowicz, a busy car salesman in Toronto, will not be a director during the promotion, if there is one.

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