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Shell Summary for May 27, 2019

2019-05-27 21:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to close at 607.82 Monday. Bryan Van Engelen has filed a preliminary prospectus to list his first capital pool shell, MJ Innovation Capital Corp. It plans to sell a $400,000 initial public offering at 20 cents through Canaccord Genuity Corp.

Mr. Van Engelen, 32, is the shell's promoter, chief executive officer and chief financial officer. He lives in Waterloo, Ont., and holds the position of senior digital marketing specialist with Sun Life Financial Inc. (SLF: $54.23). He joined Sun Life in July, 2018. He previously worked at BlackBerry Ltd. (BB: $10.90) from 2010 to 2017, first as a technical administrator and later as a senior digital marketing analyst. At his capital pool shell, he holds 225,000 escrow shares. MJ Innovation Capital sold its one million escrow shares at 10 cents in December, 2018.

The youthful Mr. Van Engelen is joined by two fellow shell directors, Richard Kimel and Scott Rasenberg. Mr. Kimel, 52, is a lawyer in Toronto. He is a partner at Aird & Berlis LLP, where he has been working since 1997. He holds 50,000 escrow shares of the shell. He is the corporate secretary of the following companies: a wireless antenna manufacturer, Baylin Technologies Inc. (BYL: $3.77); a Canadian marijuana producer, Eve & Co. Inc. (EVE: $0.435); a Congolese palm oil producer, Feronia Inc. (FRN: $0.10); a semiconductor company, Spectra7 Microsystems Inc. (SEV: $0.05); an African gold junior, Galane Gold Ltd. (GG: $0.045); and a Romanian renewable energy producer and former cryptocurrency miner, Blockchain Power Trust (BPWR: cease traded for failing to file its financials). Mr. Kimel previously held the unfortunate title of corporate secretary at Sino-Forest Corp., which in June, 2011, was declared a fraud by Carson Block of Muddy Waters LLC, and Mr. Block was right. Mr. Kimel resigned from Sino-Forest in January, 2012. Two months later, the company went into creditor protection.

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