10:47:31 EDT Fri 29 Mar 2024
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Shell Summary for May 26, 2015

2015-05-26 19:55 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.13 points to 691.96 Tuesday. Sum Poon has filed a preliminary prospectus to list Gold Horn International Enterprises Group Ltd., a capital pool shell domiciled in Hong Kong where Mr. Poon lives. The Calgary office of PI Financial Corp. will sell the shell's $300,000 initial public offering of three million shares at 10 cents.

The shell recently sold 10 million escrow shares at five cents for $500,000, the maximum amount of seed share capital that a capital pool shell can raise according to the exchange's policy. Mr. Poon, 50, controls nine million of those escrow shares, mostly through his Gold Train Investments Ltd., a company incorporated in the British Virgin Islands. This is Mr. Poon's first trek into the Canadian shell sector. Since 2002, he has been the chairman and a large shareholder of PetroAsian Energy Holdings Ltd., an oil and gas company with projects in China and Tunisia that is listed on the Hong Kong Stock Exchange. It last traded at 27 Hong Kong cents. Before PetroAsian Energy, Mr. Poon sold paints and chemicals in Hong Kong and China.

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