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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.26 points to 747.93 Monday. Peter Hughes has filed a preliminary prospectus to list his fourth capital pool shell, Snobro Enterprises Inc. Snobro is selling a $2-million initial public offering of 20 million shares at 10 cents through Canaccord Genuity Corp. If this IPO closes, then it would be the second-largest shell IPO this year. The largest one was sold by Alberta senator Scott Tannas's halted capital pool shell, The Western Investment Company of Canada Ltd. (WI). Western Investment, through Richardson GMP Ltd., raised $4.5-million in its IPO of nine million shares at 50 cents. For its qualifying transaction, Western Investment is acquiring two related Alberta companies: a windshield repair company and an auto glass distributor.

So far this year, 16 shell IPOs have closed. Richardson GMP and Haywood Securities Inc. each sold three. PI Financial Corp., Mackie Research Capital Corp. and Canaccord each sold two. Besides Snobro's IPO, there is one more shell IPO in progress: Calgary broker Emerging Equities Inc. is selling $500,000 worth of shares at 25 cents for Ted Geier and Karen Stewart's first capital pool shell, Trusted Brand 2016 Inc. (HAH). Trusted Brand has until Dec. 11 (the 90th day after the TSX-V approved its final prospectus) to close this IPO, after which it must file another prospectus if it still plans to list.

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