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Shell Summary for June 7, 2019

2019-06-07 20:29 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.34 points to 596.54 Friday, but it ended the week down 5.01 points. James Cassina has filed a preliminary prospectus to list his second capital pool shell, Good2Go2 Corp. It plans to sell a $225,000 initial public offering at 10 cents through Haywood Securities Inc.

Mr. Cassina, 62, lives in Nassau, Bahamas. Many years ago, he was the chairman of EnerNorth Industries Inc., an Alberta oil and gas producer that wanted to expand its energy operations by building a power plant in the Andhra Pradesh state in India. In 2002, after EnerNorth and its Singaporean joint venture partner failed to receive approval from the Indian government to build the power plant, the Singaporean company sued EnerNorth, demanding the release of money that was no longer going to be used for the project. The legal battle took five years, including appeals to both Singaporean and Canadian courts. While the case was in progress, EnerNorth's stock nevertheless traded up to $4.45 (U.S.) on the New York Stock Exchange in 2005, thanks to the company's operations in Alberta. In the end, however, EnerNorth lost in court and was ordered to pay $4.39-million (Singaporean). Not a company with plenty of working capital to spare, EnerNorth went bankrupt and delisted in 2007.

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