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Shell Summary for Sept. 27, 2017

2017-09-27 20:55 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 775.61 Wednesday. Vincent Narang has filed a preliminary prospectus to list his first capital pool shell, Green Rise Capital Corp. The shell plans to sell a $200,000 to $300,000 initial public offering at 10 cents, through Haywood Securities Inc.

Once the shell receives approval from the securities commissions for its preliminary prospectus, it would file a final prospectus, and then it would have 90 days to close its IPO. There are 10 shells currently selling their IPOs; Haywood is handling two of those IPOs. Mackie Research Capital Corp. and Canaccord Genuity Corp. are handling two each as well. In the last three months, five other shells besides Green Rise have filed preliminary prospectuses. Haywood will be selling two of those five IPOs. Chippingham Financial Group Ltd. will be selling another two. Haywood seems to be getting plenty of shell IPO business. So far this year, it has already closed four shell IPOs. Industrial Alliance Securities Inc. has also closed four, but it does not have any more in progress. Canaccord has closed three.

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