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Shell Summary for March 19, 2019

2019-03-19 20:33 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.48 points to close at 636.07 Tuesday. Brian Morales has filed a preliminary prospectus to list his first capital pool shell, Bett Capital Corp. It aims to sell a $200,000 to $400,000 initial public offering at 10 cents through Hampton Securities Ltd.

Mr. Morales, 40, is an accountant in Toronto. From April, 2007, to September, 2008, he was an equity researcher covering precious metal stocks with Credit Suisse Securities (Canada) Inc. He then spent two years as the director of financial reporting at Kinross Gold Corp. (K: $4.41), which was founded by Bob Buchan. While Mr. Morales was with Kinross, the stock traded up to $25. He has since been the chief financial officer of a few other public companies, mostly gold juniors such as Elgin Mining Inc., which was founded by Mr. Buchan in 2010. Elgin, which peaked at $2 in 2011 when gold stocks were doing well, declined to 10 cents in 2013 after gold stocks fell out of favour among investors. In 2014, Elgin was acquired by Mandalay Resources Corp. ($0.125). Mr. Morales was also the CFO of Mr. Buchan's Colombian gold explorer, Touchstone Gold Ltd., which peaked at a modest 16 cents in 2012 and then delisted in 2014 when its stock was at 0.5 cent.

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