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Shell Summary for March 6, 2020

2020-03-06 20:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14.73 points to 506.54 Friday, but it ended the week up 8.93 points. Charalambos (Harry) Katevatis's second capital pool shell, Zenith Capital Corp. (ZENI), has closed its $200,000 initial public offering at 10 cents. Its IPO agent was Canaccord Genuity Corp. The stock will begin trading on Tuesday.

Mr. Katevatis, 78, lives in West Vancouver. From 1976 to 2003, he was a broker with Canaccord Genuity's predecessors, Canarim Investment Corp. and Canaccord Capital Corp. After leaving the firm in 2003, he founded Lakithra Management Corp., through which he continues to offer his management services to public and private companies. In the last 15 years, he has taken six mining juniors public. The most successful of them was a B.C. gold explorer, Academy Ventures Inc., which listed in December, 2007, with a $900,000 IPO at 30 cents. Six months after listing, the stock climbed to $2.25. Another six months later, Academy split its shares 2 for 1 and remade itself into a Guyanese bauxite explorer, First Bauxite Corp. (bauxite is a rock that contains aluminum). In January, 2010, First Bauxite traded up to $1.70. It took four years before the stock fell below 10 cents and five more years until it was taken private in January, 2019, at four cents a share by Resource Capital Funds.

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