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by Stockwatch Business Reporter
The TSX Venture Exchange gained 7.52 points to 622.72 Thursday, ending the month up 65.52 points. Michael Galloro has listed his second capital pool shell, AF1 Capital Corp. (AFC: $0.20), following a $300,000 initial public offering at 10 cents. The shell's IPO agent was Haywood Securities Inc. There were five trades today, all at 20 cents, for a total of 1,400 shares.
Mr. Galloro, 43, is an accountant in Toronto. He has been a director or officer of more than a dozen public companies. He is the chief financial officer of Yangaroo Inc. (YOO: $0.16), a digital audio and video distributor. He is also a director of Liberty Health Sciences Inc. (LHS: $1.01), a marijuana grower and retailer in Florida.
Mr. Galloro's first capital pool shell, Black Sparrow Capital Corp., launched the marijuana producer Aphria Inc. (APHA: $11.41) in December, 2014. The IPO investors of Black Sparrow had to wait for nearly a year after the launch, before Aphria's stock climbed above their break-even price of $1. The turning point came when Justin Trudeau was elected as Prime Minister. Black Sparrow's IPO investors have since had many opportunities to get out of their investment with a substantial profit, given that Aphria's stock has traded up to $24.75.
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