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by Stockwatch Business Reporter
The TSX Venture Exchange closed up a fraction to 728.97 Thursday. Zachery Dingsdale and Steve Smith have filed a preliminary prospectus to list their fourth capital pool shell, Auston Capital Corp. The shell aims to sell a $300,000 initial public offering at 10 cents through Foster & Associates Financial Services Inc. of Toronto.
Mr. Dingsdale and Mr. Smith are investor relations men, who offer their services through Tangent Management Corp. Mr. Dingsdale, 45, lives in Cobourg, Ont., and Mr. Smith, 61, lives in White Rock, B.C. They listed their first capital pool shell, Sukari Ventures Corp., in 2008 with a $200,000 IPO at 10 cents. Sukari completed its qualifying transaction in 2010 by launching a Saskatchewan uranium explorer called Gravis Energy Corp. This resulting issuer traded mostly below seven cents, thereby giving Sukari's IPO shareholders almost no opportunity to get out of their investment with a profit. We therefore consider Sukari to have been a failed shell for its IPO investors. In November, 2017, with Gravis Energy's stock at 0.5 cent, it rolled back 1 for 6 and remade itself into a pharmaceutical researcher called Biocure Technology Inc. (CURE: $1.00).
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