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by Stockwatch Business Reporter
The TSX Venture Exchange gained 2.71 points to 532.91 Monday, a shortened trading day for Christmas Eve. Charles Chebry has filed a preliminary prospectus to list his second capital pool shell, Castlecap Capital Inc. It plans to sell a $200,000 initial public offering at 10 cents through Chippingham Financial Group Ltd.
Mr. Chebry and the shell's three other directors each hold 500,000 escrow shares. Castlecap sold its two million escrow shares at five cents last month. Mr. Chebry, 58, is an accountant in Calgary. As can be expected from a Calgary accountant, he has worked with several oil and gas companies, for instance as the assistant controller for Koch Exploration Canada Ltd. from 1989 to 1995.
Mr. Chebry listed his first capital pool shell, Arta Enterprises Inc., on the Canadian Venture Exchange in December, 2001. It sold a $300,000 IPO at 20 cents. In August, 2002, it closed its qualifying transaction by launching a Nunavut gold explorer, Committee Bay Resources Ltd. Arta's IPO investors had plenty of opportunities to get out of their investment with a profit, as Committee Bay spent more than six years trading above their break-even price of 20 cents. The stock reached as high as $2.55 in February, 2004. We therefore consider Arta to have been a success for its IPO investors. Committee Bay eventually descended to 4.5 cents in February, 2009. It has since undergone a couple of name changes, a spinoff and a takeover.
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