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Shell Summary for Oct. 27, 2020

2020-10-27 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 6.82 points to 708.10 Tuesday. Brian Bayley and Murray Sinclair have filed a preliminary prospectus to list a capital pool shell, Jabbo Capital Corp., with a $202,500 initial public offering at 15 cents. The IPO agent is Haywood Securities Inc. The two men were previously officers of a natural resource and real estate investment firm, Quest Capital Corp., which Eric Sprott and his Sprott Group rebranded in 2010 into a resource investment firm called Sprott Resource Lending Corp. These days, Mr. Bayley and Mr. Sinclair, along with Michael Atkinson, manage Earlston Investments Corp., a Vancouver merchant bank that focuses on real estate and oil and gas.

Mr. Bayley and Mr. Sinclair have listed 27 other capital pool shells since the early 1990s. The first 24 of those shells yielded 18 successes and six failures for their respective IPO investors, as we have discussed in previous shell summaries, most recently on Aug. 26. We consider a capital pool shell to have been a success for its IPO shareholders if they had sufficient opportunity to get out of their investment with a profit, reasonably soon after the shell closed its qualifying transaction. The duo's 25th capital pool shell, Rainy Hollow Ventures Inc. (RHV: halted), is working on a Vancouver grocery delivery QT. The 26th, Quendale Capital Corp. (QOC: halted), is working on an Alberta oil and gas QT. The 27th, Justify Capital Corp. (JST: $0.30), listed only last week and has not yet announced a QT plan.

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