This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange gained 4.39 points to 723.75 Tuesday. Mark Orsmond has filed a preliminary prospectus to list his third capital pool shell, Danacore Industries Inc. It plans to sell a $250,000 to $750,000 initial public offering at 10 cents through Canaccord Genuity Corp.

Mr. Orsmond, 50, is an accountant in North Vancouver. For 10 years until July, 2018, he was the chief financial officer of All-Sea Enterprises Ltd., an underwater ship repair and maintenance company. He has also had brief stints as the CFO of a few public companies. He listed his first capital pool shell, Hedger Capital Inc., in March, 2007, with a $225,000 IPO at 15 cents. He had a shell-making partner at Hedger, Ian Heathcote. In February, 2010, Hedger completed its qualifying transaction by launching Pinestar Gold Inc., a Chilean gold explorer. Pinestar traded between 4.5 and 44.5 cents in its first two years, giving Hedger's IPO shareholders sufficient opportunity to get out of their investment with a profit. We consider Hedger to have been a success for them, although they had to wait four years before their stock tripled. (Pinestar eventually declined to a penny, stopped filing its financials, stopped paying its listing fees and was delisted by the exchange.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS