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Shell Summary for Dec. 12, 2018

2018-12-12 20:36 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.89 points to 562.25 Wednesday. Scott McGregor's first capital pool shell, Gegs Capital Corp. (GEGS: $0.11), has listed with a $459,200 initial public offering at 10 cents. Its IPO agent was Canaccord Genuity Corp. Today, the stock opened at 20 cents but closed at 11 cents on 70,800 shares.

Mr. McGregor, 47, lives in Calgary. He was a vice-president of investment banking at Octagon Capital Corp. from 1999 to 2006 and then at Acumen Capital Finance Partners Ltd. from 2006 to 2013. Afterward, he spent 11 months as a managing director of Casimir Capital Ltd. followed by 15 months as a managing director of Mackie Research Capital Corp. He has since served as an executive vice-president of James McRoberts's on-line payment processing company, Merrco Payments Inc., which focuses on marijuana sales transactions.

Mr. McRoberts's Merrco Payments is going public through Mr. McRoberts's own first capital pool shell, Haw Capital Corp. (HAW: halted). We discussed this deal in more detail in the Shell Summary for Nov. 21, 2018. Mr. McRoberts and Mr. McGregor sit on the boards of each other's shells. Mr. McGregor's Gegs Capital plans to seek a Western Canadian deal for its qualifying transaction, but it has not specified an industry (nor does it have to).

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