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by Stockwatch Business Reporter

The TSX Venture Exchange gained 3.24 points to 641.21 Thursday. Jim Pettit has filed a preliminary prospectus to list his first capital pool shell, Tri Capital Opportunities Corp. It aims to sell a $500,000 initial public offering at 10 cents through PI Financial Corp.

Mr. Pettit, 64, has been a director or officer of more than a dozen public companies, mostly resource juniors. From 2006 to 2014, he was the chairman and chief executive officer of Bayfield Ventures Corp., a gold explorer. Bayfield shot up to its all-time high of $1.38 in September, 2010, from 39 cents in the previous month, thanks to pleasing assays from Northwestern Ontario. Within days of releasing the assays, Bayfield arranged a $5-million private placement at $1.40. It closed the financing the following month. Unfortunately for the financing subscribers, they never got an opportunity to get out of their investment with a profit. At the end of 2014, Bayfield was acquired by New Gold Inc. (NGD: $1.15) in an all-share deal that valued Bayfield at 21 cents a share. Of course, as no other promoter would, Mr. Pettit does not mention these figures every time he boasts of having sold Bayfield to New Gold.

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