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by Stockwatch Business Reporter
The TSX Venture Exchange lost a fraction to 828.90 Friday but ended the week up 2.88 points. Larry Doan and David Smalley have filed a preliminary prospectus to list their third wildlife capital pool shell, Ponderous Panda Capital Corp. They plan to sell a $600,000 initial public offering at 30 cents through Canaccord Genuity Corp.
Mr. Doan, 64, and Mr. Smalley, 56, listed their first shell called Marching Moose Capital Corp. in November, 2014, with a $300,000 IPO at 15 cents. In June, 2015, they listed their second shell, Flying Monkey Capital Corp. (FMK), with a $300,000 IPO at 10 cents. Since then, Mr. Smalley, who runs a law practice in Vancouver, has left both shells.His shell-making partner, Mr. Doan, closed a qualifying transaction for Marching Moose in December, 2017. The shell rolled back 1 for 2 and launched a gold explorer, Avidian Gold Corp. (AVG: $0.31), which has properties in Alaska, Nevada and Newfoundland. Considering the rollback, the break-even price for the shell's IPO investors is 30 cents a share. So far, Avidian Gold usually trades thinly between 20 and 64 cents, with occasional busy days, about a dozen, of over 100,000 shares.The shell's IPO investors have had some opportunities to get out with a profit, but perhaps not enough yet. As for Mr. Doan and Mr. Smalley's second shell, the Monkey is halted pending a B.C. copper-gold mining QT. Its target is selling a $1-million private placement at 15 cents.
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