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Shell Summary for Nov. 21, 2014

2014-11-21 21:01 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 5.56 points to 789.13 Friday, ending the week up 12.50 points. It was a busy week for the shell sector, with two of this year's 19 capital pool shells, Rocky Bellotti's BFK Capital Corp. (BFK: $0.70) and Larry Doan's Marching Moose Capital Corp. (MMC), listing on the TSX-V. As well, two capital pool shells, Karsten Energy Corp. (KAR) and Maple Leaf Resources Corp., graduated from the shell sector after closing their qualifying transactions. Kay Jessel and Bill McCartney's Karsten resumed trading today as an iron-copper explorer with a property in the Northwest Territories. Maple Leaf Resources rolled back 1:4 to become Maple Leaf Royalties Corp. (MPL: $0.50), which also started trading today. Maple Leaf Royalties, managed by Calgary oil and gas men Dan Gundersen and Adam Thomas, owns royalty interests in oil and gas properties in Alberta.

Robert Hall's halted capital pool shell, Abcana Capital Inc. (ABQ), has submitted a filing statement outlining the shell's plan to acquire Casa Minerals Inc. as its QT. The shell will issue 11,645,301 shares to the shareholders of Casa and then take on the name of its target. Casa owns the Pitman molybdenum property, which lies 27 kilometres southwest of Terrace, B.C., and it also has an option for a 75-per-cent interest in the Arsenault molybdenum property in northwestern British Columbia, 78 kilometres southeast of Yeslin in the Yukon. Casa's chief executive officer, 49-year-old Farshad Shirvani of West Vancouver, optioned both properties to Casa and as a result is the company's largest shareholder. He will receive 8,049,000 shares and become chairman of Abcana following the QT. Mr. Shirvani's only other promotion is Doubleview Capital Corp. (DBV: $0.165), a former capital pool shell of which he was the largest founding shareholder. In July, 2011, Doubleview optioned a property in B.C. from Mr. Shirvani as its QT and since then the company has optioned several more properties, including the Hat copper-gold property near Telegraph Creek, B.C. Last year in October, Doubleview closed a $600,000 private placement at six cents and then used that money for a phase II drilling program at Hat. When the assays arrived, the stock rose, peaking at 40 cents in May, but only briefly. It has since traded between 13 cents and 25 cents. Although the shareholders from the six-cent private placement have done well, the original IPO shareholders of Doubleview, who paid 10 cents for their shares before it listed as a shell in November, 2010, would probably consider the company a failure. The stock spent most of its time between four cents and 10 cents until 2014, by which time an IPO shareholder would have been holding for three years.

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