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by Stockwatch Business Reporter
The TSX Venture Exchange rallied 4.24 points to 762.81 Friday, but it ended the week down 2.87 points. Darryl Cardey's capital pool shell, Dataminers Capital Corp. (DMC: $0.04), has received TSX-V approval to roll back 1 for 5, which will leave it with 1.31 million shares issued. Its postconsolidated shares will begin trading on Monday. The shell does not have a qualifying transaction in progress.
Dataminers listed in May, 2014, with a $300,000 initial public offering at 10 cents. It was founded not by Mr. Cardey but by husband and wife shell-makers David Wood and Colleen Flynn. Dataminers is their third shell. In the Shell Summary for Nov. 24, 2015, we discussed the couple's first two shells, concluding that they yielded one success and one failure for their IPO shareholders. We consider a shell to have been a success if its IPO shareholders had sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closed its QT. For Dataminers Capital, considering the 1-for-5 rollback, the break-even price for its IPO shareholders will be 50 cents. Although Mr. Wood and Ms. Flynn have resigned from their officer positions, they remain directors of the shell. They also manage a property consulting firm in Vancouver called Zenith Appraisal & Land Consulting Ltd.
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