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by Stockwatch Business Reporter

The TSX Venture Exchange rose a fraction to 792.36 Thursday. Ross MacLachlan and Rick Wilson's first capital pool shell, Lions Bay Capital Inc., has closed its qualifying transaction, which is the acquisition of John Byrne's Melbourne investment firm called Pan Andean Capital Pty. Ltd. The shell, which had 4,035,168 issued shares, issued another 61,747,571 shares and 10 million warrants to its target's shareholders. Today the resulting issuer listed, still called Lions Bay Capital Inc. (LBI: $0.04). It did not trade.

Lions Bay, through Pan Andean, now holds 2.6 million shares or 1.3 per cent of John Conlon's Nicaraguan gold explorer, Golden Reign Resources Ltd. (GRR: $0.27). Another investment of Lions Bay is Kalina Power Ltd., a Melbourne company that sells technology for converting industrial waste heat into electricity. Kalina trades on the Australian Securities Exchange and last closed at seven Australian cents. Kalina's executive chairman is Mr. Byrne, and its chief executive officer is the shell's Mr. MacLachlan. Lions Bay Capital holds 16.9 million shares or 4.6 per cent of Kalina.

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