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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 2.67 points to 541.10 Wednesday. Kenneth DeWyn has filed a final prospectus to list his fourth capital pool shell, CYG Opportunities Inc. It is selling a $200,000 initial public offering at 10 cents through Canaccord Genuity Corp. Having filed the final prospectus, the shell has 90 days to close its IPO, otherwise it must file a new prospectus.
Mr. DeWyn, 56, lives in Calgary. From 1994 to 2002, he was a director of two schools in Illinois. He then moved to Calgary and worked at charter airlines, before founding and managing his own charter airline, Q Jets Aviation Ltd., from 2006 to 2012. Since 2013, he has been the executive director of the Calgary Christian School (preschool to Grade 12).
His first capital pool shell, Pendulum Capital Corp., closed its qualifying transaction in 2011 by launching an oil and gas explorer, PetroFrontier Corp. (PFC: $0.045). Although PetroFrontier has remained firmly under 15 cents since late 2014, it spent its first 18 months trading between $1 and $4.25. Pendulum's IPO shareholders, who paid 10 cents and were rolled back 1 for 12, needed $1.20 to break even. They had sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closed its QT, so we consider Mr. DeWyn's first shell to have been a success for them.
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