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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to 489.89 Wednesday. Capital pool shell CUP Capital Corp. has switched to a new promoter and amended its initial public offering. Mackie Research Capital Corp. is still selling the shell's IPO (of 750,000 shares to 2.5 million shares at 40 cents), but there are changes to CUP's management. When CUP Capital first filed a prospectus in September, 2015, its promoter was Jack Duffy, 69, an accountant in Toronto. For reasons the company did not provide, Mr. Duffy resigned as CUP Capital's chief executive officer and director on Dec. 30, 2015. When he quit, Mr. Duffy transferred his 100,000 escrowed shares to CUP Capital director Jessica Zhang (25,000 shares) and David Mitchell (75,000 shares). Ms. Zhang, a novice to the world of shells, took over as CEO, and Mr. Mitchell became a director.

Now, Ms. Zhang holds 200,000 escrowed shares, and Mr. Mitchell holds 100,000. CUP Capital sold its 675,000 escrowed shares at 20 cents between April and December, 2015. (Its other seed shareholders are director Judith Wilkin with 125,000 escrowed shares, director Yan Zhao with 100,000, Chinese investor Frank Lin with 100,000, Hong Kong investor Jonathan Chung with 25,000 and Ontario investor Juan Liu with 25,000.)

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