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by Stockwatch Business Reporter
The TSX Venture Exchange fell 3.60 points to 620.35 Wednesday. Sidney Dutchak has filed a preliminary prospectus to list his third capital pool shell, Leaside Capital Corp. It aims to sell a $300,000 initial public offering at 10 cents through Canaccord Genuity Corp.
Mr. Dutchak, 68, is a non-practising lawyer. He was a member of the Legislative Assembly of Saskatchewan from 1983 to 1987. He has since moved to Calgary and become a consultant, mostly to tech firms and oil and gas companies. He has been a director of about two dozen publicly traded companies, including some capital pool shells founded by other shell-makers.
In December, 1998, Mr. Dutchak listed his first capital pool shell, Mezuma Inc., on the Alberta Stock Exchange with a $200,000 IPO at 10 cents. In February, 2000, the shell announced a deal with a Toronto television show producer and Internet broadcaster. Following the announcement, Mezuma's stock traded between $3 and $5.40 for a year until the deal closed in February, 2001, and the shell finally launched How To Web TV Inc. Mezuma's IPO investors then had some more opportunities to get out of their investment with a pleasing profit, even though How To Web and other dot-com promotions were already on the decline that year. How To Web's stock, which peaked at $3.95 on its first trading day, fell to a low of seven cents in December, 2001. Mr. Dutchak left How To Web in 2003, when the stock was at eight cents. The company later stopped filing its regulatory statements and releasing any news, and in 2006 it was ejected from the exchange. Nevertheless, between 1999 and 2001, Mezuma's IPO investors could have enjoyed the stock's wonderful run, so we consider Mr. Dutchak's first shell to have been a success for them.
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