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by Stockwatch Business Reporter

The TSX Venture Exchange added 5.14 points to 695.24 Tuesday. Greg Andrews and Marcus New's suspended capital pool shell, Elevation Capital Corp. (ELE), has received a longer-than-usual extension from the exchange such that the shell now has until Dec. 31, 2015, to complete a qualifying transaction.

Under the TSX-V's Policy 2.4, a capital pool shell has 24 months from listing to complete a QT, after which the exchange suspends the shell and gives it 90 days to either delist or secure shareholder approval to transfer to the NEX. A transfer to the NEX is accompanied by the exchange cancelling half of a shell's escrow position as punishment. Elevation's 24-month QT deadline arrived March 31, and the exchange promptly suspended Elevation for failure to complete a deal. Today, however, the shell said that it has received a nine-month extension from the exchange, enabling Mr. Andrews to keep his 500,000 escrow shares and Mr. New to keep his one million escrow shares from harm's way until the end of the year.

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