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by Stockwatch Business Reporter
The TSX Venture Exchange gained 3.27 points to 624.22 Wednesday. William Ollerhead's first capital pool shell, Cuspis Capital Ltd. (CUSP: $0.32), has listed with a $2-million initial public offering at 20 cents. Its IPO agent was Industrial Alliance Securities Inc. Today, the shell's stock reached an intraday high of 35 cents before closing at 32 cents on 352,200 shares.
Mr. Ollerhead, 53, was an equity analyst from 1989 to 1992 with the Canadian subsidiary of MetLife Inc. (MET: $44.70 (U.S.)). He then spent four years as an investment officer with Sun Life Financial Inc. (SLF: $50.90) and one year as a broker with Midland Walwyn Inc. Since 1997, he has been managing Chunkerhead Ltd., a corporate finance advisory firm in Toronto.
From 2011 to 2013, Mr. Ollerhead was the chairman of BioExx Specialty Proteins Ltd., a protein and oil extraction company. While he was there, the stock plummeted to one cent from about 70 cents. BioExx went bankrupt in 2013. From 2013 to 2014, Mr. Ollerhead was the chairman of an Ontario mining junior, New Klondike Exploration Ltd., which peaked at a modest 15 cents. Investors in Cuspis Capital's larger-than-usual IPO (for a shell) are doubtless expecting Mr. Ollerhead to do better at finding a shell deal than he did at being the chairman of BioExx and New Klondike.
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