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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 740.57 Tuesday. Adam Spencer's first capital pool shell, Schooner Capital Corp. (SCH: $0.10), began trading today, following a $235,000 initial public offering at 10 cents through PI Financial Corp. There was one trade for 250,000 shares at 10 cents. The seller was TD Securities Inc., and the buyer was anonymous. Mr. Spencer, 34, is a chartered financial analyst in Toronto. He is the senior vice-president of corporate development at Sandstorm Gold Ltd. (SSL: $6.05). Before joining Sandstorm in 2013, he was the director of mining investment banking at Cormark Securities Inc. He holds more than 1.12 million of his shell's 2.4 million escrowed shares.

In February, Mr. Spencer became the president and chief executive officer of Progress Minerals Inc., a private company with gold exploration properties in Burkina Faso and Ivory Coast. To raise money for exploration, Progress is selling a $10-million private placement at 25 cents. Sandstorm intends to subscribe for $2.5-million worth of the shares or one-quarter of the placement.

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