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Shell Summary for Dec. 17, 2014

2014-12-17 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange finally had an up day Wednesday, rising 16.70 points to 659. Ron Schmeichel's new capital pool shell, Mira VI Acquisition Corp. (MVI), will list on the TSX-V Thursday. It is the second capital pool shell to arrive this month, following Darren Stark's Anchor Capital Corp. (ANC), and the 21st to list this year. By this time last year, 37 capital pool shells had already listed on the TSX-V. The Calgary office of Richardson GMP Ltd. sold Mira VI's $250,000 initial public offering of 2.5 million shares at 10 cents.

The shell also has 10 million shares in escrow that sold at five cents. Mr. Schmeichel, a director and the president of Mira VI, owns four million escrow shares, and the other two directors, Jordan Kupinsky and Kevin Taylor, each own three million escrow shares. Mr. Schmeichel is a co-founder of a busy shell-packaging firm in Toronto called JJR Capital Corp., and Mr. Kupinsky is its managing director. Mira VI is the 17th capital pool shell listed by Mr. Schmeichel and he has completed QTs for 14 of them, of which we previously considered nine to be successes for IPO shareholders. Many of his deals involve high-profile promoters and some of his shells even launched companies that became well known on the Toronto Stock Exchange, such as Steve Hudson's equipment financing company, Element Financial Corp. (EFN: $14.25), which went public in February, 2011, through Mr. Schmeichel's Mira II Acquisition Corp. following a 1:32.3077 rollback. Mira VI will be Mr. Schmeichel's only unused capital pool shell when it lists tomorrow, but he is still in charge of two others, WB III Acquisition Corp. (WXX) and Mira IV Capital Acquisition Corp. (MRY), both of which are halted and working on closing a QT.

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