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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 3.18 points to 808.27 Tuesday. Paul Haber's capital pool shell, Black Birch Capital Acquisition III Corp. (BBC: $0.005), has received shareholder approval to roll back 1 for 3, which will leave it with 2,170,740 postconsolidated shares issued. The shell will then sell a $600,000 private placement of 12 million postconsolidated shares at five cents. On Dec. 31, 2016, it had a working capital deficit of $413,994. It will use the financing proceeds to seek a qualifying transaction.
Mr. Haber, an accountant in Toronto, listed Black Birch III in July, 2013, with a $310,985 initial public offering of shares at 10 cents. In August, 2015, Mr. Haber arranged for the shell to acquire Advantagewon Oil Corp., a Texas oil and gas explorer of which he is the chief executive officer. In October, 2016, Black Birch III and Advantagewon called off their deal. Advantagewon's new plan is to apply directly for listing on the Canadian Securities Exchange. It has filed a non-offering prospectus and expects to complete the listing application process by quarter-end.
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