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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.90 points to 662.33 Tuesday. Thomas Kovacs's eight-year-old capital pool shell, Madeira Minerals Ltd. (MDE: $0.23), has cancelled the qualifying transaction that it first announced in June, 2011. The shell had planned to acquire oil and gas interests in the Lloydminster area of Alberta from North American energy junior Mooncor Oil & Gas Corp. (MOO: $0.005). The deal required Madeira to sell a $1.2-million private placement of shares at 20 cents. More than three years later, in January, 2015, the shell said it was still working on the financing. In the end it came up spectacularly short, only selling $6,500 worth of shares.

This is the second QT that Austrian investor Mr. Kovacs has failed to complete for his shell. Mr. Kovacs has not listed any other capital pool shell besides Madeira, which sold a $200,000 initial public offering of shares at 10 cents in March, 2008. Previously, Mr. Kovacs was the chief executive officer of two diamond promotions: Diamond Hawk Mining Corp. (now delisted) and Sola Resources Corp. (now a Brazilian manganese explorer, Cancana Resources Corp. (CNY: $0.18)).

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