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Shell Summary for April 21, 2017

2017-04-21 20:11 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to 824.92 Friday, ending the week down 9.70 points. Dr. Albert Friesen has filed a final prospectus to list his fourth capital pool shell, Buffalo Capital Inc. In the shell's preliminary prospectus, filed last month, the shell said it was going to sell a $200,000 initial public offering of 800,000 shares at 25 cents. It also said it had one million escrowed shares, which it sold at 10 cents to its three directors in December, 2016. The TSX-V requires capital pool shells to sell their seed shares at a price that is at least half of the IPO price. Now, in its final prospectus, Buffalo has lowered its IPO price to 20 cents. It is still selling a $200,000 IPO, through PI Financial Corp.

Dr. Friesen has a PhD in protein chemistry and is the president of Genesys Venture Inc., a private biotech consulting firm in Winnipeg. He is also the president of Medicure Inc. (MPH: $8.52), which sells a heart drug called Aggrastat in the United States. In the Shell Summary for March 13, 2017, we discussed Dr. Friesen's shell-making record, concluding that his first three shells yielded two successes and one failure for their IPO shareholders. We consider a shell to have been a success if its IPO shareholders have sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closes its QT. Dr. Friesen's two successful shells both launched biotech promotions: medical diagnostic device maker Luminor Medical Technologies Inc. (LMT: $0.45) and anti-microbial products developer Kane Biotech Inc. (KNE: $0.13). His failed shell, the third one, closed a gold mining QT and launched Fox Resources Ltd. in 2008. Fox Resources has since become an NEX-listed oil and gas junior, Big Sky Petroleum Corp. (BSP: $0.005), which has properties in Montana and Texas, lots of big sky but no money.

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