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by Stockwatch Business Reporter

The TSX Venture Exchange gained 1.31 points to 779.76 Tuesday. Hari Varshney's sixth capital pool shell, Steamsand Capital Corp. (SAND: $0.145), began trading today. It sold a $400,000 initial public offering at 10 cents, through Canaccord Genuity Corp. There was one trade, a Canaccord cross, for 5,000 shares at 14.5 cents.

Mr. Varshney, 75, a Vancouver accountant, has been a promoter and shell-maker since the 1980s. His two sons are also promoters and shell-makers. One of them, Peeyush, 50, is a lawyer and a director of Steamsand. Peeyush is also the chairman and chief executive officer of Canada Zinc Metals Corp. (CZX: $0.295), a British Columbia zinc-lead-silver explorer.

We last discussed Hari Varshney's capital pool shell record in the Shell Summary for July 25, 2017. We concluded then 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 QT.) Besides listing capital pool shells, Papa Varshney also repackages out-of-favour promotions, typically NEX-listed ones, into saleable shells. He is the president of one such NEX shell, Trigen Resources Inc. (TRG: $0.075), which nine years ago was a B.C. molybdenum-tungsten promotion called Hastings Resources Corp. This shell does not have a deal in progress.

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