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Shell Summary for June 18, 2018

2018-06-18 20:17 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.16 points to 752.24 Monday. After a five-year break from running capital pool shells, Navin Varshney has filed a preliminary prospectus to list his fifth capital pool shell, Usha Resources Ltd. It plans to sell a $200,000 initial public offering at 10 cents through Canaccord Genuity Corp.

Usha Resources, named after Mr. Varshney's wife, sold 2.2 million escrowed shares at five cents in February. Mr. Varshney, 59, holds one million of them. He is a professional engineer and professional geologist in Vancouver, offering his services through NKV Engineering & Consulting Ltd. This consulting firm focuses not on mining projects but on residential projects. Mr. Varshney, however, does have experience with mining stocks. Since the 1980s, he has been a director of about a dozen public companies, mostly mining juniors. His family has been involved in many dozens more (we mention the family below).

Mr. Varshney listed his first capital pool shell, Aurifer Capital Corp., in June, 2007, with a $200,000 IPO at 10 cents. In November, 2008, Aurifer closed a B.C. gold mining deal for its qualifying transaction. The resulting issuer, Jaxon Minerals Inc., traded between nine and 28 cents for nearly four years. It gave Aurifer Capital's IPO shareholders sufficient opportunity to get out of their investment with a profit, so we consider Mr. Varshney's first shell to have been a success for them. In August, 2013, with Jaxon Minerals trading at a penny, it rolled back 1 for 10. Mr. Varshney remained on the company's board until March, 2017. Five months after he left, the company changed its name to Jaxon Mining Inc. (JAX: $0.12).

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