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Shell Summary for July 5, 2017

2017-07-05 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.25 points to 762.80 Wednesday. David Mitchell has filed a preliminary prospectus to list his sixth capital pool shell, MJ Opportunity Corp. The shell plans to sell a $500,000 to $1-million initial public offering at 20 cents, through Echelon Wealth Partners Inc.

MJ Opportunity has one million escrowed shares, which it sold at 10 cents in May. All the escrowed shares are held by MJ's five directors. Mr. Mitchell, 54, holds 100,000. He is a corporate finance adviser in Toronto and the chief executive officer of the shell. He is also the president of Kinisi Athletik, which makes cotton sportswear, and a director of Jessica Zhang's capital pool shell, CUP Capital Corp. (CPU), which is halted pending its acquisition of a German battery maker.

In the Shell Summary for July 25, 2016, we discussed Mr. Mitchell's shell-making record, concluding that his first five capital pool shells yielded three successes and two failures for their IPO shareholders. We consider a capital pool shell to have been a success if its IPO shareholders had sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closed its qualifying transaction.

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