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Shell Summary for Oct. 20, 2017

2017-10-20 20:57 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 7.44 points to 789.51 Friday, but it still ended the week down 7.93 points. Three shell graduates began trading this week: Andy Edelmeier's Ontario cobalt promotion, Accend Capital Corp. (ADP: $0.60); Roger Rosmus's British Columbia mining junior, Goliath Resources Ltd. (GOT: $0.25); and Terry Stephenson's Alberta industrial services provider, Vertex Resource Group Ltd. (VTX: $1.00).

Mr. Edelmeier listed Accend as his first capital pool shell in June, 2008, with a $200,000 initial public offering at 20 cents. Previously, he was a vice-president at JPMorgan Chase & Co. in London from 1992 to 2000. Since 2007, a year before listing his shell, he has been the president of a Vancouver investment and consulting firm called Braemar West Capital Inc.

A shell should normally take only two or three years to complete a qualifying transaction, but Mr. Edelmeier's shell took nine years to close a deal. For its QT, Accend has acquired the Silverside cobalt property near Cobalt, Northern Ontario, from prospector Gino Chitaroni and a private company called Caamo Capital Corp. The shell has paid $200,000 cash and issued 200,000 shares. It has also sold a $2-million private placement at 20 cents. There were 72 placees, of whom only three were required to make themselves known, because they were insiders: Mr. Edelemeier bought 27,500 shares, while fellow Accend directors Simon Clarke and Graham Harris bought 150,000 and 120,000, respectively. Mr. Edelmeier continues as Accend's chief financial officer and secretary, but he is no longer the chief executive officer. Mr. Clarke, a lawyer and corporate adviser, is now Accend's CEO. The third director, Mr. Harris, is the chairman of Millennial Lithium Corp. (ML: $2.34). He was a senior VP at Canaccord Genuity Inc. from 1999 to 2004. Accend has one more director, Mike Kobler, a mining engineer. He is the CEO of American Lithium Corp. (LI: $0.63). Following closing of the QT, the four directors each hold between 920,000 shares (3.7 per cent) and 1,577,500 shares (6.3 per cent) of Accend.

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