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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.62 points to close at 619.56 Wednesday. There are 168 capital pool shells listed on the exchange, with more shells on the way. So far this year, 11 capital pool shells have filed their final prospectuses and have not yet closed their initial public offerings. Each shell has 90 days, from the date when it files its final prospectus, to close its IPO. Beyond that, it must file a new prospectus.

A majority of the 11 shells working on their IPOs are from first-time shell-makers such as Dr. Pavel Maslovskiy and Peter Hambro, who are hoping to list their first capital pool shell called XAU Resources Inc. The shell is selling a $400,000 to $600,000 IPO at 10 cents through Hampton Securities Ltd. Dr. Maslovskiy and Mr. Hambro are the founders of Petropavlovsk PLC, a Russian gold producer that trades on the London Stock Exchange. An established gold miner, Petropavlovsk produced 422,300 ounces in 2018, but in the last four years its shares have not managed to climb past 10 pence. They last closed at 7.9 pence, all 3.3 billion of them. Dr. Maslovskiy and Mr. Hambro's capital pool shell, XAU Resources, plans to seek a mining deal for its qualifying transaction.

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