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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 6.30 points to 572.38 Friday, but it ended the week down 17.14 points. Dr. Pavel Maslovskiy and Peter Hambro have filed a preliminary prospectus to list their first capital pool shell, XAU Resources Inc. The shell plans to sell a $400,000 to $600,000 initial public offering at 10 cents through Hampton Securities Ltd.

Dr. Maslovskiy, 61, lives in Moscow and was an associate professor at the Moscow State Aviation Technological University. From 2011 to 2014, he was a member of the upper house of the Russian parliament. His shell-making partner, Mr. Hambro, 73, lives in London, England. In 1994, this duo founded Petropavlovsk PLC, a London Stock Exchange-listed gold producer that now operates three mines in Far Eastern Russia, near the Chinese border. Petropavlovsk, originally called Peter Hambro Mining PLC, changed its name in 2009 and is now named after both founders (Peter and Pavel). From 2002 to 2006, the company's stock climbed to its all-time high of 5.78 British pounds sterling from about 30 British pence sterling. Petropavlovsk's stock was still trading above four pounds in 2010, when it began to decline. It has remained under one pound since 2013 and firmly under 10 pence since 2014. It last closed at 5.9 pence.

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