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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 8.09 points to 445.25 Tuesday. Two capital pool shells resumed trading today, after having their qualifying transaction plans fall through. First, there is Neil Currie's first capital pool shell, First Light Capital Corp. (XYZ), which lost one cent to 10 cents on 1,500 shares. It had arranged to acquire vMobo Inc., the operator of a website for luxury goods and services in India. The deal fell through two weeks ago. Second, there is Darryl Cardey's capital pool shell, Cairo Resources Inc. (QAI), which fell 10 cents to 20 cents on 1,000 shares. It had arranged to acquire Swarmio Inc., the Eastern Canadian developer of a software platform for eliminating Internet connection lags. Cairo and Swarmio called off their deal last week.
Cairo is an aging shell. It went public in 2011 with a $250,000 initial public offering at 10 cents. (A capital pool shell should normally take only two years to close a QT.) Mr. Cardey, 51, a Vancouver accountant, took over the shell in 2014, when it was almost three years old. Now, the shell is 8-1/2 years old. If any IPO investors are still around, they now need 50 cents to break even, because Mr. Cardey rolled back the shell's shares 1 for 5 in 2014. The shell has now tried and failed four times to close a QT.
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