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Shell Summary for March 9, 2020

2020-03-09 20:51 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange dropped 43.39 points to 463.15 Monday. John D. MacPhail has filed a preliminary prospectus to list his second capital pool shell, Valencia Capital Inc. It plans to sell a $350,000 to $1-million initial public offering at 10 cents through PI Financial Corp.

Mr. MacPhail, 57, lives in North Vancouver, and his name will be a familiar one to many in the brokerage industry. From 1992 to 2001, he worked at Yorkton Securities Inc., in positions including director. Later, from 2006 to 2012, he worked at Union Securities Ltd., where he was the chief executive officer in his last three years. He left shortly before Union was acquired by PI Financial. He then moved on to become the president of Global Securities Corp., holding that position from 2012 to 2016 and leaving shortly before Global was acquired by PI Financial.

In February, 2017, Mr. MacPhail became the chairman, president and CEO of I-5 Holdings Ltd., a private investment firm in Vancouver. Formerly called I-5 Cannabis Holdings Ltd., the firm's first investments were U.S. marijuana growers and dispensaries. In January, 2018, Mr. MacPhail arranged for I-5 Holdings to be wholly acquired by its largest shareholder, Captor Capital Corp. (CPTR: $0.185), a marijuana-focused investment issuer under John Zorbas. The acquisition was an all-share deal that closed the following month. Unfortunately for the shareholders of I-5 Holdings, Captor's stock has not done well since then. Taking into account a 1-for-20 rollback completed in October, 2018, Captor's stock has fallen to 18.5 cents today from the equivalent of $8.60 since the deal closed. Captor is now facing a lawsuit from one of the I-5 Holdings shareholders. Mr. MacPhail, who did not join Captor following the acquisition, is also a defendant. Captor and Mr. MacPhail have not yet responded to the case.

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