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by Stockwatch Business Reporter

The TSX Venture Exchange lost 5.91 points to 667.88 Wednesday. Benoit Chotard's second capital pool shell, Orletto Capital II Inc. (OLT: $0.10), has listed with a $400,000 initial public offering at 10 cents. Its IPO agent was Haywood Securities Inc. Not unusually for a shell, Orletto II did not trade today.

Mr. Chotard, an engineer, previously spent seven years as a tech and aerospace analyst with National Bank Financial Inc. He listed his first shell, Orletto Capital Inc., in September, 2014, with a $349,300 IPO at 10 cents. In May, 2017, the shell rolled back 1 for 2.75 and launched Devonian Health Group Inc. (GSD: $0.345), which is working on a spinach-based drug for treating inflammation of the skin and bowel. Considering the rollback, the shell's IPO investors need 27.5 cents to break even. So far, Devonian has traded mostly between 28 and 68 cents, so the IPO investors are doing well.

Mr. Chotard's fellow directors at Orletto II are Dr. Cynthia Mailloux, Octavio Soares and Claude Pouliot, all living in Quebec City. (Mr. Chotard himself lives in Vancouver.) Dr. Mailloux is a radiologist, Mr. Soares is an accountant and Mr. Pouliot runs a real estate investment firm. Orletto II says it will consider various types of deals, including tech and industrial deals, for its qualifying transaction.

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