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Shell Summary for June 29, 2018

2018-06-29 20:19 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.55 points to 739.96 Friday, but it ended the month down 43.67 points. Judson Culter's shell graduate and Yellowknife gold explorer, Rover Metals Corp. (ROVR: $0.10), began trading today. It opened at 8.5 cents and closed at 10 cents on 129,000 shares. Rover holds options to acquire a 75-per-cent interest in the Up Town property and a 100-per-cent interest in the Cabin Lake property, both from Silver Range Resources Ltd. (SNG: $0.17).

Rover went public through Minaz Dhanani's capital pool shell, Royal Lifescience Corp. This shell listed in April, 2012, with a $400,000 initial public offering at 10 cents. Although Mr. Dhanani was a founding director of the shell, he was not the original promoter. That was Craig Thomas, a lawyer and a son of the late founder of West Coast Securities Ltd., Pat Thomas. Craig left the shell in 2016. He is currently not a director of any public company. Previously, he and Mr. Dhanani were fellow directors at a few public companies, including Barkerville Gold Mines Ltd. (BGM: $0.455) when it was still under Frank Callaghan and understandably lively. Mr. Dhanani, an accountant, resigned on closing of the shell's QT and is no longer a director of any public company. The shell's IPO shareholders, who were rolled back 1 for 2.5 in 2016, need 25 cents to break even. They ought to get more than that, as a sort of compensation for being made to wait six years for a qualifying transaction, but so far they are reaping only disappointment.

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