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by Stockwatch Business Reporter

The TSX Venture Exchange fell 11.92 points to 674.25 Wednesday. Tim McCunn's capital pool shell, Mercal Capital Corp. (MUL: $0.10), has listed on the TSX-V. Industrial Alliance Securities Inc. sold the shell's $500,000 initial public offering of five million shares at 10 cents. Mercal also has 2.7 million escrowed shares, which it sold at five cents in August and November, 2015.

Mercal is the second capital pool shell listed by Ottawa lawyer Mr. McCunn. His first, Percy Street Capital Corp. (PSC: $0.08), listed in January, 2016. Percy Street has not yet announced a qualifying transaction, but it has until January, 2018, to do so. Mercal Capital will have until May, 2018. Besides Mr. McCunn, Mercal and Percy Street share one more director, Dr. Calvin Stiller, a medical doctor and the chairman of cancer drug developer Trillium Therapeutics Inc. (TR: $14.05).

The company's board looks to have plenty of shell experience. Five of Mercal's six directors were on the board of Gerald Slemko's capital pool shell, Biovest Corp. I, which launched the video-conferencing software developer Magor Corp. (MCC: $0.115), in March, 2013. We discussed Mercal Capital's directors and escrow shareholders in the Shell Summary for Feb. 23, 2016.

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