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Shell Summary for March 29, 2018

2018-03-29 19:29 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rallied 12.45 points to 796.67 Thursday, but it ended the month down 32.45 points. Shabir Premji's first capital pool shell, P Squared Renewables Inc. (PSQ: halted), is planning to acquire a clean energy company as its qualifying transaction. It has no other information, so investors will need to be patient. Mr. Premji, a Calgary accountant, listed P Squared in June, 2017, following a $300,000 initial public offering at 10 cents. Within two weeks, he had arranged the shell's first QT attempt: to acquire Borealis GeoPower Inc. and its two geothermal energy projects in British Columbia. P Squared then advanced $225,000 to Borealis as a bridge loan, and the target began exploration. P Squared was hoping to raise $5-million in connection with the QT, but it never set financing terms. In November, it cancelled the transaction, demanding its money back. It has yet to receive anything.

Mr. Premji runs a private energy advisory company, Platform Energy Inc., and has some public company experience. From 2001 through 2011, he was the chairman of Alberta Oilsands Inc. The stock traded over $2 in 2007. Today, the company, renamed Marquee Energy Ltd. (MQX: $0.04), is struggling and hoping to find a buyer.

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