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by Stockwatch Business Reporter
The TSX Venture Exchange lost 3.35 points to 772.11 Wednesday. Brian Bayley and Murray Sinclair have listed their 24th capital pool shell, Norwick Capital Corp. (NWK), following a $202,500 initial public offering at 15 cents through Haywood Securities Inc. It opened at 30 cents, hitting an intraday high of 30.5 cents before closing at 30 cents on 45,000 shares. Neither Mr. Bayley nor Mr. Sinclair is a director of Norwick, but their management company, Ionic Securities Ltd., is the shell's promoter. Ionic is also the largest escrow shareholder with 1.4 million of the shell's 1.7 million escrowed shares. The remaining 300,000 are split evenly between Norwick's three directors: Richard Graham, Sandra Lee and Scott McLean.
Mr. Graham, a geologist, is vice-president of Ionic. He is also the manager of corporate development at Mr. Bayley and Mr. Sinclair's other management company, Earlston Investments Corp. Earlston is providing administrative services to Norwick. Ms. Lee is the corporate secretary at Ionic, Earlston and five juniors in the Bayley-Sinclair stable. Mr. McLean is a senior analyst at Earlston and a director of Knol Resources Corp. (NOL: $0.06), which is in the stable. Knol is looking for an oil and gas deal.
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