This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Stockwatch Business Reporter
The TSX Venture Exchange fell 9.42 points to 771.65 Thursday, the lowest the TSX-V has closed in nearly six years. The next visible level of resistance is 678.62 where the TSX-V bottomed during the 2008 crash.
In the shell sector, Larry Doan has filed a new prospectus to list his first capital pool shell, Marching Moose Capital Corp. Canaccord Genuity Corp. will sell a $300,000 initial public offering of two million shares at 15 cents to investors in British Columbia, Alberta and Saskatchewan.
There are 1,640,004 shares in escrow that sold at 7.5 cents. Many of these shares are owned by a group of promoters and directors who are interconnected through previous dealings that have been quite successful. Mr. Doan, the shell's 60-year-old president, owns 333,335 escrow shares. He was a co-founder of Extreme CCTV Inc., which went public at 50 cents in January, 2002. Mr. Doan remained with the surveillance camera company as a director and a vice-president until March, 2008, when it was taken over by Bosch Security Systems at $5 a share. These days, he is on the board of David Smalley and Rod Reum's Mission Ready Services Inc. (MRS: $0.37), which sells gear, including hazmat suits, and cleaning services to governments. Mission Ready went public last December through Mr. Smalley's capital pool shell, Priceless Piranha Capital Corp., and so far the stock is doing well for shareholders. Mr. Smalley, who was also on the board of Extreme CCTV with Mr. Doan, is a director of Marching Moose and he owns 160,000 escrow shares. For 17 years he was a lawyer at Fraser and Company LLP, but he left in March, 2013, to form his own practice. Deirdre Kenney, the director of HR at David Smalley Law Corp., owns 306,668 escrow shares of Marching Moose but she is not on the board.
© 2024 Canjex Publishing Ltd. All rights reserved.