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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 3.62 points to 629.81 Friday, ending the week up 2.92 points. Chris Tate's first capital pool shell, Ring the Bell Capital Corp. (RTB: halted), plans to acquire Croesus Gold Corp. for the shell's qualifying transaction. The shell will roll back 1 for 2.5, leaving it with 5.08 million shares issued, then issue 35,708,400 shares to its target's shareholders.
Croesus has two gold projects in Arizona called Kay and Sugarloaf Peak. Kay was a gold producer until 1966. It has since changed owners a few times. From 2017 to 2018, it belonged to Brian Penney's Silver Spruce Resources Inc. (SSE: $0.055), which briefly conducted a sampling program at Kay and said that it was "impressed" by the assays. Nevertheless, Silver Spruce has decided to sell Kay and is now focusing its attention on a Mexican silver property. Once Croesus Gold goes public, Silver Spruce will receive $100,000 cash and $250,000 worth of shares.
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