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Shell Summary for Dec. 10, 2019

2019-12-10 21:47 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.16 points to close at 536.33 Tuesday. Harry Pokrandt has filed a preliminary prospectus to list his first capital pool shell, Baltic I Acquisition Corp. It plans to sell a $250,000 initial public offering at 10 cents through Haywood Securities Inc.

Mr. Pokrandt, 59, is a broker-turned-promoter living in Vancouver. He joined Yorkton Securities Inc. in 1985 and later became a senior vice-president there. Such a title usually means big producer. He remained with the company after it changed its name to Orion Securities Inc. in 2003 and even after Orion was acquired by Macquarie Capital Markets Canada Ltd. in 2007. Mr. Pokrandt then spent the next eight years as the managing director of Macquarie's Vancouver metals and mining group.

Although Mr. Pokrandt is a first-time capital pool shell founder, he has shell experience. Such experience was, at first, tangential. For instance, in September, 2015, Frank Giustra, who was the president, chairman and chief executive officer of Yorkton in the 1990s, used an NEX shell called PNO Resources Ltd. to infuse cash into a Guyanese gold explorer, Sandspring Resources Ltd. Mr. Pokrandt then joined the board of Sandspring. In the four years that he was with Sandspring, the stock traded between 11 and 95 cents. He left the company last month, just before it rolled back its shares 1 for 8 and remade itself into Gold X Mining Corp. (GLDX: $2.10). It is still working on its Guyanese gold property. The company's largest shareholder is Gran Colombia Gold Corp. (GCM: $4.91) with 7.31 million shares or 20.8 per cent. Gran Colombia's executive chairman is a colleague of Mr. Giustra, Serafino Iacono. As for Mr. Giustra himself, he holds 2.94 million shares or 8.3 per cent of Gold X Mining.

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