This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by
Stockwatch Business Reporter
The TSX Venture Exchange fell 7.27 points to 804.36 Tuesday. James McRoberts's capital pool shell, Haw Capital Corp. (HAW: $0.10), listed on the TSX-V today. Not unusually for shells, it did not trade. The shell sold a $354,000 initial public offering of shares at 10 cents, through Canaccord Genuity Corp. Its founder, Mr. McRoberts, is an e-commerce consultant and a first-time shell-maker.
His four fellow shell directors are: David Hyman, a former analyst with Raymond James Financial Inc.; David Antony, a stock promoter and shell-packager; Scott McGregor, a former managing director of Mackie Research Capital Corp.; and Jarrod Isfeld, a securities lawyer.
Sebastien St-Louis and Adam Miron's shell graduate, licensed marijuana producer The Hydropothecary Corp. (THCX), began trading today.
It reached an intraday high of $1.85 before closing at $1.55 on 4.4 million shares. The Hydropothecary, which grows marijuana in Gatineau, went public through Rocky Bellotti and Riccardo Forno's capital pool shell, BFK Capital Corp. The shell listed in November, 2014, with a $600,000 IPO at 60 cents. In connection with its qualifying transaction, BFK rolled back 1 for 1.5, so the break-even price for its IPO shareholders is 90 cents. So far, the IPO shareholders are up on their investment. Mr. Bellotti and Mr. Forno are both securities lawyers. BFK Capital is their first shell. Mr. Bellotti, the founding president of the shell, resigned in October, 2016, shortly after he started working at Scotia Capital Inc.'s HollisWealth Inc. Mr. Forno, a founding director of the shell, resigned on closing of the QT. He is an associate at Irwin Lowy LLP in Toronto.
© 2024 Canjex Publishing Ltd. All rights reserved.