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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 781.31 Tuesday. Ross MacLachlan and Rick Wilson's halted capital pool shell, Lions Bay Capital Inc. (LBI), has submitted a filing statement for its qualifying transaction, which is the acquisition of a Melbourne-based investment company called Pan Andean Capital Pty. Ltd. The shell, which has 4,035,168 shares issued, will issue 70 million shares to its target's shareholders and creditors.

Pan Andean holds 2.59 million shares or 1.3 per cent of Kevin Bullock's Nicaraguan gold explorer, Golden Reign Resources Ltd. (GRR: $0.35). Golden Reign has traded between 19.5 and 37 cents in the past year. Pan Andean also holds 5.44 million shares or about 3.5 per cent of Jervois Mining Ltd., an Australian nickel-cobalt-scandium promotion with a nice-looking stock chart. Jervois trades on the Australian Securities Exchange and last closed at 30 Australian cents. It has climbed from four Australian cents in the past year. Another investment of Pan Andean is Kalina Power Ltd., a Melbourne company that sells technology for converting industrial waste heat into electricity. This one has a not-so-nice-looking chart. It last closed at 5.8 Australian cents and is down from 16 Australian cents in the past year. Pan Andean holds 16.75 million shares or about 3.7 per cent of Kalina. Pan Andean also has a private investment, Aqua Guardian Group Ltd., a Melbourne company with a water conservation device for water tanks.

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