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by Stockwatch Business Reporter
The TSX Venture Exchange lost 3.94 points to close at 662.55 Tuesday. Gunther Roehlig's capital pool shell, Plymouth Realty Capital Corp. (PH), which last closed at 1.5 cents two weeks ago, rolled back 1 for 10 today. The rollback left it with 622,500 shares issued. Concurrently with the rollback, the shell closed a $500,000 private placement comprising 10 million postconsolidated shares at five cents. Plymouth's postconsolidated shares have yet to trade. The shell does not have a qualifying transaction in progress.
Mr. Roehlig did not list Plymouth himself. The shell's founder, Jeff Witherell, took it public in October, 2013, with a $392,500 initial public offering at 10 cents. Two months after listing, Plymouth announced a plan to acquire a Hampton Inn hotel in New Jersey for $8.5-million (U.S.), money that it did not have. The shell hoped to raise $15-million at 15 cents to buy the hotel as well as two other Hampton Inn hotels (one in Florida and the other in Massachusetts), but all these plans fell through. In 2015, Mr. Witherell arranged another real estate QT, this time involving a $7.8-million retail centre in Mississauga. Plymouth planned to raise $3-million at five cents and to cover the remainder of the purchase price with a mortgage. Unable to raise money, it dropped the QT in 2017.
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