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by Stockwatch Business Reporter
The TSX Venture Exchange gained 2.86 points to 804.96 Friday, ending the week up 9.02 points. Andrew Shapack and Sean Nakamoto have listed a capital pool shell called Pine Trail Capital Trust (PINE: $0.10). It sold a $400,000 initial public offering at 10 cents through Haywood Securities Inc. and has yet to trade. Pine Trail plans to seek a real estate deal for its qualifying transaction.
Mr. Shapack, 46, is a lawyer in Toronto. In August, 2008, he listed a capital pool shell called GT Canada Capital Corp. with a $500,000 IPO at 20 cents. In March, 2010, the shell acquired a medical office building and launched GT Canada Medical Properties Inc. This resulting issuer traded above the shell IPO investors' break-even price of 20 cents for six months, but thinly, usually fewer than 15,000 shares a day. It did not give the shell's IPO investors sufficient opportunity to get out of their investment with a profit. GT Canada Medical later rolled back 1 for 10 and was acquired by Northwest Healthcare Properties Real Estate Investment Trust (NWH: $11.24) for about $1.95 a share (in equity).
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