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by Stockwatch Business Reporter
The TSX Venture Exchange slipped 4.41 points to 797.55 Tuesday. Richard Silas has filed a prospectus to list his first capital pool shell, Sanibel Ventures Corp. He plans to sell an initial public offering of between $200,000 and $400,000 at 10 cents through Haywood Securities Inc. Sanibel sold two million escrow shares at five cents last fall. Mr. Silas and director Jeff O'Neill each acquired 950,000 escrow shares.The final director, Rose Zanic, acquired the remaining 100,000.
This is Mr. Silas's first capital pool shell, but he has QT experience. In 2015, he took over Crest Petroleum Corp., a capital pool shell listed by Adam Cegielski in June, 2012, at 10 cents. Mr. Cegielski sold control of Crest Petroleum to Toby Pierce in 2013. Mr. Pierce attempted two oil and gas QTs before rolling the stock back 1 for 5 and selling control of the company to Mr. Silas in early 2015. Within a year, Mr. Silas had launched GFG Resources Inc. (GFG: $0.295), a Wyoming gold explorer. It traded between 50 cents and $1.80 for 12 months, giving IPO shareholders, who needed 50 cents to break even, sufficient time to sell at a profit.
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