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Shell Summary for June 9, 2021

2021-06-09 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.28 points to 976.84 Wednesday. Roger Milad plans to list his first shell, Ankh Capital Inc., with a $500,000 to $1-million initial public offering at 10 cents. The IPO agent is PI Financial Corp.

Mr. Milad, 67, lives in Vancouver. He previously spent 25 years working at A&W Food Services of Canada Inc., and then in 1997 he founded The Friendship Food Company Ltd. This business now comprises 22 A&W restaurants in the B.C. Lower Mainland and Vancouver Island. Mr. Milad remains the owner and chief executive officer of Friendship Food. He has not yet been a public company director.

At his shell, Ankh Capital, he holds one million escrow shares out of 5.62 million. Ankh sold its escrow shares at five cents in February and March. Mr. Milad has two fellow shell directors, Barry Coughlan and Rick Skeith, who respectively hold 200,000 and 800,000 escrow shares. Mr. Coughlan, 76, is a former broker and a long-time penny stock promoter in Vancouver. In 1987, he took public an Ontario gold explorer, Kaphearst Resource Corp., on the Vancouver Stock Exchange with a $525,000 IPO at 75 cents. The stock spent one month trading between 75 and 98 cents, after which it declined and then settled around 20 cents for over two years. In 1990, Kaphearst rolled back 1 for 3 and remade itself into an investment issuer, Tri-Alpha Investments Ltd. The stock peaked at 90 cents in 1994, when the company was focused on mining investments. It later shifted to Internet promotions, but this effort pushed it no higher than 40 cents. In 2004, Tri-Alpha returned to gold exploration and changed its name to Tri-Gold Resources Corp. It traded up to a modest 31 cents in 2005 and then fell to 0.5 cent in 2008. The following year, Tri-Gold rolled back 1 for 7 and remade itself into Quadro Resources Ltd. (QRO: $0.135). This stock has gone no higher than 32.5 cents, not even in 2011, when most mining stocks were soaring. It rolled back 1 for 2 in 2017 and is now focusing on a Newfoundland gold property. Mr. Coughlan draws a salary of $72,000 from Quadro.

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