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Shell Summary for May 28, 2019

2019-05-28 19:26 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.74 points to 606.08 Tuesday. John Gamble and Bruce Bent have filed a preliminary prospectus to list their second capital pool shell, Roosevelt Capital Group Inc. It plans to sell a $750,000 to $1.5-million initial public offering at 10 cents through Mackie Research Capital Corp.

Mr. Gamble and Mr. Bent listed their first capital pool shell, Winston Capital Group Inc. (WNST: $0.40), three months ago with a $500,000 IPO at 10 cents. Its IPO agent was also Mackie Research. Winston has not yet announced a qualifying transaction plan.

For the duo's follow-up shell, we now have Winston's wartime ally and friend, Roosevelt. At Roosevelt Capital, Mr. Gamble, 59, is the president and chief executive officer. He lives in Hamilton, Ont., and holds 500,000 escrow shares of the shell. Roosevelt sold its three million escrow shares at the usual five cents in March.

Mr. Gamble is the president and CEO of Enerdynamic Hybrid Technologies Corp. (EHT: $0.035), a maker of energy-efficient construction materials as well as solar panels. He has held these positions since 2011, when Enerdynamic was still a private company called OSM Solar Corp. and was making only solar panels. Mr. Gamble attempted to take OSM Solar public in 2011 through Forterra Environmental Corp., which at the time was a TSX-V issuer, but the deal fell through. Eventually, OSM Solar merged with a maker of energy-efficient construction materials, and then the combined company went public in 2014 as Enerdynamic. Its stock has fallen to 3.5 cents today from its all-time peak of $1.70 in 2014.

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