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Shell Summary for March 26, 2015

2015-03-26 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 2.32 points to 679.56 Thursday. Tomorrow, Anton Konovalov's first capital pool shell, Dominion General Investment Corp. (DIC), arrives on the TSX-V. It is the second capital pool shell to list this month and the fifth this year. There seems to have been plenty of interest in this shell: broker Hampton Securities Ltd. sold a $2.09-million initial public offering of 2,091,700 shares at a pricey $1. Most capital pool shells sell IPO shares at 10 cents or 20 cents. The last shell to sell IPO shares at $1 was James Paterson's Decisive Dividend Corp. (DE: $1.78), which went public in September, 2013. Earlier this month, Decisive Dividend closed its qualifying transaction by acquiring a profitable stove and furnace manufacturer.

Dominion General has 500,000 shares in escrow that sold at 50 cents. Mr. Konovalov, 28, owns just 90,000 of the escrow shares and this is his first time as chief executive officer of a capital pool shell. It is hard to believe that the young Mr. Konovalov, who has such a small position in the shell, is the leading decision-maker and promotional force behind this company, considering Hampton was able to sell more than two million shares at $1. Unless Mr. Konovalov made a dazzling presentation to the brokers, who all agreed he was wise beyond his years, he lacks the experience and record to warrant this type of interest from the market. He first appeared in the shell sector as a director of Thomas Sears's Mercury Capital II Ltd., a capital pool shell that listed in July, 2013, with a 30-cent IPO. In January, 2014, Mercury Capital closed its QT by acquiring Revive Therapeutics Ltd. (RVV: $0.85), a pharmaceutical company that has offered IPO shareholders plenty of opportunities to sell at a profit, making it a success, but not Mr. Konovalov's success -- and that is his history so far. He will also become the CEO of Birchtree Energy Corp., a new European wood pellet distributor that plans to go public through Simon Yakubowicz's capital pool shell, Cluny Capital Corp. (CLN). Cluny has provided no updates on the QT since last October.

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