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by Stockwatch Business Reporter
In a series of Street Wires, we are taking a look at the 10 oldest listed capital pool shells, along with some promoters whom investors might do well to avoid if they are not inclined to wait up to 13 years for a single deal. (A capital pool shell should normally take only two years, maybe three, to close a qualifying transaction.) There are 168 capital pool shells listed on the TSX Venture Exchange and its rehabilitation board, the NEX. Thirty-four of the listed capital pool shells are more than five years old. Part 1 of this series was published on May 9. Here in part 2, we pick up from the eighth oldest listed capital pool shell.
No. 8) Antler Hill Mining Ltd. (AHM: halted)
Antler Hill Mining listed in April, 2010, under the name PrimeWest Exploration Inc. It sold a $250,000 initial public offering at 25 cents. Its founder was not so much a shell-maker as he was an oil and gas promoter, Greg Noval. He was the founder and president of Canadian 88 Energy Corp., which traded up to $7.55 on the Toronto Stock Exchange in 1998. A year later, the stock was down to about $2. Mr. Noval denied rumours that the company was having financial problems. Nevertheless, he was soon forced out of the company by a shareholder, Duke Energy Corp. (DUK: $88.05 (U.S.)). He then launched another promotion, Canadian Superior Energy Inc., which traded up to $5.01 on the TSX in August, 2008. A few months later, because of cost overruns (undeniable this time), the stock dropped to about 49 cents. Canadian Superior filed for bankruptcy in March, 2009. Mr. Noval was forced out of this company by a shareholder, Palo Alto Investors LLC.
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