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Shell Summary
Symbol C : *MKTSHEL
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Shell Summary for Aug. 30, 2019

2019-08-30 21:26 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 8.21 points to 589.36 Friday, but it ended the month down 2.30 points. Chris Schnarr has filed a preliminary prospectus to list his second capital pool shell, Mithrandir Capital Corp. It plans to sell a $1-million to $2-million initial public offering at 10 cents through Industrial Alliance Securities Inc.

Mithrandir's target IPO is larger than usual for a capital pool shell. The minimum shell IPO size is $200,000 at 10 cents, and many shells close IPOs that are close to this in value. Industrial Alliance does not sell IPOs for shells as frequently as other brokerage firms do, but its last shell IPO was also a large one. It was for William Ollerhead's first capital pool shell, Cuspis Capital Ltd. (CUSP: $0.19), which went public in March with a $2-million IPO at 20 cents.

Mr. Ollerhead, 53, was an equity analyst from 1989 to 1992 with the Canadian subsidiary of MetLife Inc. (MET: $44.30 (U.S.)). He then spent four years as an investment officer with Sun Life Financial Inc. (SLF: $54.57) and one year as a broker with Midland Walwyn Inc. Since 1997, he has been managing Chunkerhead Ltd., a corporate finance advisory firm in Toronto. From 2011 to 2013, Mr. Ollerhead was also the chairman of BioExx Specialty Proteins Ltd., a protein and oil extraction company. While he was there, the stock declined to a literal penny from about 70 cents. BioExx filed for creditor protection and delisted in 2013.

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