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by Stockwatch Business Reporter

The TSX Venture Exchange lost 5.88 points to 701.03 Wednesday. Richard Silas has listed his first capital pool shell, Sanibel Ventures Corp. (SBEL: $0.31), following a $200,000 initial public offering at 10 cents. Its IPO agent was Haywood Securities Inc. Sanibel's stock opened at 30 cents and closed at 31 cents on 4,000 shares.

This is the first shell listed by Mr. Silas, 46, but he has closed a few shell deals before. In April, 2015, he took over as the chief executive officer of a capital pool shell called Crest Petroleum Corp. Crest was founded three years earlier by Toby Pierce, an oil and gas promoter who lined up two potential qualifying transactions for Crest: one with a Texas oil field services provider and the other with a California oil and gas explorer. Both QT attempts failed. When Mr. Silas took over Crest, it sold a $165,000 private placement at 5.5 cents. Mr. Silas bought $15,400 worth of shares. His colleague, Jonathan Awde, bought $25,080 worth of shares. Mr. Awde's wife and Mr. Awde's mother bought a combined $49,500 worth of shares. In October, 2016, Crest completed a Wyoming gold QT and launched GFG Resources Inc. (GFG: $0.255). The stock peaked at $1.80 in its first month of trading, giving Mr. Silas and his fellow private placement subscribers a delightful opportunity to get out of their investment with a profit.

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