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Shell Summary for June 24, 2020

2020-06-24 20:45 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.05 points to close at 584.79 Wednesday. Shell-maker and oil and gas promoter Toby Pierce has resigned from yet another one of his capital pool shells, Seashore Resource Partners Corp. (SSH: $0.12). Mr. Pierce, 47, lives in Vancouver. From 1998 to 2003, he provided well site geological consulting services to oil and gas firms operating in Western Canada. Then from 2004 to 2009, he was an analyst covering oil and gas stocks at Tristone Capital Inc., an energy-focused advisory firm. He worked at Tristone's offices in Calgary and in London, England. Tristone is now a part of the Macquarie Group. From January, 2010, to February, 2012, Mr. Pierce was a partner and an oil and gas analyst at GMP Europe Securities LLP in London.

In June, 2012, he listed his first capital pool shell, Crest Petroleum Corp., with a $200,000 initial public offering at 10 cents. He was the largest escrow shareholder and a director of Crest, but when the shell listed, its chief executive officer was Adam Cegielski, a management consultant in Toronto and a first-time shell CEO. Mr. Cegielski failed to arrange any potential qualifying transaction for the shell. In October, 2013, he handed over the CEO position to Mr. Pierce. Under Mr. Pierce, Crest lined up two potential QTs: one with an oil field services company in Texas and the other with an oil and gas explorer in California. Both QT attempts failed. In November, 2014, Mr. Pierce rolled back Crest's shares 1 for 5, and then in April, 2015, he too resigned as Crest's CEO. Finally, in October, 2016, under CEO Richard Silas, Crest closed a Wyoming gold QT and launched GFG Resources Inc. (GFG: $0.225). In GFG's first year, the stock traded between 49 cents and $1.80, so if any of Crest's IPO investors were still around then, they would have been able to get out with a profit. Nevertheless, the credit for Crest's QT does not go to Mr. Pierce.

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