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Shell Summary for Sept. 11, 2019

2019-09-11 20:48 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 3.60 points to 586.16 Wednesday. Seth Kay has filed a preliminary prospectus to list his first capital pool shell, Aphelion Capital Corp. It plans to sell a $200,000 to $500,000 initial public offering at 10 cents through Canaccord Genuity Corp.

Mr. Kay, 36, describes himself as a capital markets consultant. He lives in Vancouver and has worked as an investor relations man (officially holding the title of vice-president of corporate communications) for a few mediocre mining juniors. From August, 2010, to March, 2017, he was the IR man and a director of Negar Adam's Canadian mining promotion, Canasia Industries Corp., later called Makena Resources Inc. This company talked up B.C. gold, Quebec aluminous clay/rare earth elements, Saskatchewan uranium, Quebec lithium and then B.C. gold again. Mr. Kay was not yet there when Ms. Adam's efforts pushed the stock up to its peak of 56 cents in 2008. Unfortunately for shareholders, the stock quickly fell back, reaching a low of 2.5 cents on Jan. 22, 2013. Ms. Adam then rolled the shares back twice, each time at 1 for 20. In March, 2017, with the stock at 20 cents immediately following one of those rollbacks, Mr. Kay took over from Ms. Adam as Makena's president and chief executive officer. Under his watch, Makena traded between 10.5 and 23 cents. He left the company after eight months. Earlier this year, Makena rolled back 1 for 25 and remade itself into a pharmaceutical cannabis promotion, Willow Biosciences Inc. (WLLW: $0.60).

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