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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 5.61 points to 775.20 Tuesday. Murray Moore's first capital pool shell, Colson Capital Corp. (COLS: $0.15), began trading today. It reached an intraday high of 15.5 cents before closing at 15 cents on 38,000 shares. Colson sold a $600,000 initial public offering at 10 cents, through Industrial Alliance Securities Inc. Its shell-maker, Mr. Moore, is an accountant in Calgary. He has been the chief financial officer of a handful of private companies, including Fairmont Resort Properties Ltd. (which went into receivership in 2008) and Prevail Energy Canada Ltd. (which went into receivership in 2011).
Mr. Moore is the CFO and a director of Robert Stewart's capital pool shell, Common Wealth Capital Ltd., which in 2015 tried and failed to sell a $200,000 IPO at 10 cents. Last year, it tried and failed again. It continues to keep up with its quarterly SEDAR filings, but there is no word yet on another IPO attempt. Mr. Stewart previously founded one other capital pool shell, Cardiff Resources Inc., which he managed to list in 2002 with a $375,000 IPO at 15 cents. In 2004, Cardiff launched Hy-Drive Technologies Ltd., a manufacturer of fuel enhancement systems for trucks and buses. The IPO shareholders of Cardiff had sufficient opportunity to get out of their investment with a profit after the shell closed its qualifying transaction, so we consider Cardiff to have been a successful shell.
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