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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 2.87 points to 618.08 Friday, but it ended the week down 7.08 points. Richard Buzbuzian has filed a preliminary prospectus to list his second capital pool shell, BuzBuz Capital Corp. The shell plans to sell a $250,000 initial public offering at 10 cents through Canaccord Genuity Corp.
Mr. Buzbuzian, 49, is an investor relations man in Toronto. He has been a director, an officer or the IR man of about 10 public companies. From August, 2011, to March, 2012, he was the secretary of Norman Eyolfson's capital pool shell, Asher Resources Corp. Mr. Eyolfson is also an IR man in Toronto. Asher Resources closed its qualifying transaction in March, 2012, by acquiring a B.C. mining property. Mr. Buzbuzian then became the president and chief executive officer of the resulting issuer, which kept the name Asher Resources. Asher's IPO investors, who paid 20 cents a share, had 21 months or until December, 2013, to get out of their investment with a profit, so we consider the shell to have been a success for them. Afterward, however, the stock spent two years declining to 1.5 cents. In December, 2015, Mr. Buzbuzian announced a plan to use Asher to launch a drone-manufacturing business. In June, 2016, Asher changed its name to Drone Delivery Canada Corp. (FLT: $1.13). Any investors who bought shares of Asher at the low of 1.5 cents are doubtless satisfied by the performance of Drone Delivery's shares. Mr. Buzbuzian remains with Drone Delivery as its president.
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