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by Stockwatch Business Reporter
The TSX Venture Exchange lost 1.60 points to 589.52 Friday, ending the month down 51.84 points. Robert Kiesman has filed a preliminary prospectus to list his first capital pool shell, Libby K Industries Inc. It plans to sell a $250,000 to $500,000 initial public offering at 10 cents through PI Financial Corp. Then there is Lucas Birdsall, who has filed a preliminary prospectus to list his second capital pool shell, Castlebar Capital Corp. This shell plans to sell a $200,000 IPO at 20 cents through Haywood Securities Inc.
Mr. Kiesman's Libby K Industries sold six million escrow shares at five cents in August. (Capital pool shells may sell escrow shares to their founders and other pre-IPO investors at a discount of up to 50 per cent of the IPO price. Stated another way, the IPO price must be, at most, twice the price paid by the pre-IPO investors.) Mr. Kiesman, 42, bought 600,000 escrow shares. He lives in Richmond, B.C., and was a corporate and securities lawyer with Stikeman Elliott LLP from May, 2009, to June, 2017.
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