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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 4.68 points to 624.41 Thursday. Two shells have each announced a potential qualifying transaction. First, Thomas Kovacs's first capital pool shell, Madeira Minerals Ltd. (MDE: halted), plans to acquire $9-million worth of bonds in two European commercial real estate investment firms. Second, Alfredo De Lucrezia's second capital pool shell, Califfi Capital Corp. (CFI: halted), plans to acquire a Colombian mining junior called Fenix Gold Inc.

First-time shell-maker Mr. Kovacs is a management consultant living in Austria. He listed his Madeira shell way back in March, 2008, with a $200,000 initial public offering at 10 cents. It is the third-oldest capital pool shell on the exchange. Mr. Kovacs was previously the chief executive officer of two diamond juniors: Diamond Hawk Mining Corp., which declined to 0.5 cent in 2009 from 34 cents in 2005, and Sola Resources Corp., which in 2006 traded up to 73 cents, then in 2009 fell to about five cents and then in 2011 switched to manganese.

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