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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.34 points to 690.62 Wednesday. Brad Docherty's suspended capital pool shell, Exito Energy II Inc. (EXI), recently extended the hopeful closing date for acquiring its qualifying transaction target, Millennium Stimulation Services Ltd., to next year. The exchange suspended the shell on May 13, 2015, for failing to close a QT within 24 months of listing, but Exito has since applied for an extension, which it should receive. Last month, the exchange began granting nine-month extensions to capital pool shells that had failed to close a QT on time. If the exchange approves Exito's extension request, it will have until Feb. 13, 2016.

Millennium, an oil and gas services company with operations in Alberta and Saskatchewan, needs the extra time to raise more money through private placements (it plans to raise a minimum of $10-million for its going-public transaction). It also hopes the conditions in the oil and gas industry will improve over the next year. Millennium's financial situation is not entirely bleak. Last September, it raised $5.84-million through the sale of 2,597,486 shares at $2.25 a share to 105 subscribers, mostly in Alberta, and then earlier this month it raised an additional $936,969 by selling 567,860 units at $1.65 to 19 subscribers, again mostly in Alberta. It had initially hoped to continue selling units at $2.25, but when Millennium sold its first private placement in September a barrel of crude oil sold for $92.41 (U.S.); today it sells for around $57.65 (U.S.). One of the largest subscribers to the September financing was a businessman named Constantine Issakidis, who subscribed for 183,675 shares. Another one was Bruce Cherewyk's Corb Petroleum Ltd., which acquired 100,000 shares.

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