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Shell Summary for April 28, 2017

2017-04-28 20:59 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 6.36 points to 806.77 Friday, but it ended the month down 18.15 points. Dr. Albert Friesen's capital pool shell, Buffalo Capital Inc. (BUFF: $0.20), has listed on the TSX-V. Not unusually for a shell, it did not trade. Buffalo is the eighth capital pool shell to list this year. By this time last year, 11 shells had listed.

Buffalo sold a $400,000 initial public offering of shares at 20 cents, through PI Financial Corp. It is the fourth capital pool shell listed by Dr. Friesen, who holds a PhD in protein chemistry. Dr. Friesen's first two shells launched biotech promotions: medical device maker Luminor Medical Technologies Inc. (LMT: $0.425) and anti-microbial products company Kane Biotech Inc. (KNE: $0.13). His third shell launched a resource junior, Fox Resources Ltd., now called Big Sky Petroleum Corp. (BSP: $0.005). We discussed Dr. Friesen's shell-making record in detail in the Shell Summary for March 13, 2017. We concluded then that his first three shells yielded two successes and one failure for their IPO shareholders. (The failure was the one that launched Fox Resources.) We consider a shell to have been a success if its IPO shareholders have sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closes its qualifying transaction. It is also best if the QT does not take forever to close. For Dr. Friesen's fourth shell, he plans to seek a QT in the life science and biotech sectors.

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