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Shell Summary for Oct. 1, 2018

2018-10-01 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.02 points to 708.13 Monday. Dr. John Veltheer has filed a preliminary prospectus to list his first capital pool shell, J55 Capital Corp., with a $400,000 initial public offering at 10 cents. Its IPO agent is Canaccord Genuity Corp.

Dr. Veltheer, 52, holds a PhD in inorganic chemistry. Although this is his first time as a capital pool shell promoter, he has arranged and closed shell deals before. From 2014 to 2016, he was the president and chief executive officer of Lateral Gold Corp., a gold explorer turned shell. Under his watch, Lateral sold a $540,000 private placement at six cents. It later rolled back 1 for 4 and launched a logistics software company, Trakopolis IoT Corp. (TRAK: $0.49). Considering the rollback, the private placement subscribers need 24 cents to break even. Trakopolis has done well for them, with the stock trading up to $1.27 last year.

Since 2016, Dr. Veltheer has been the president and CEO of Atom Energy Inc., a uranium explorer turned shell. Atom delisted from the NEX in May. Dr. Veltheer explained that delisting would make it easier for the shell to raise money. In June, Atom sold a $2.18-million private placement at 25 cents. Last month, it announced a plan to acquire 6th Wave Innovations Corp., a company in Utah that is working on gold extraction technology. Atom will acquire 6th Wave for $1.2-million (U.S.) cash and $6.5-million (U.S.) worth of shares.

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