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by Stockwatch Business Reporter
The TSX Venture Exchange fell 5.4 points to 1,011.10 Wednesday. Suzanne Wood and Blake Olafson's capital pool shell, Alexandra Capital Corp. (AXC), will complete its qualifying transaction in mid-August by optioning the Southern Bell precious metals property near Merritt, B.C. The shell has already submitted a filing statement and received conditional approval from the exchange to close the deal.
Alexandra must spend $100,000 on exploration over the next year. It also must pay $25,000 upfront and issue 700,000 shares over two years to the vendor, Eastland Management Ltd., a private company managed by prospector Jim Rankin. Ms. Wood found the mining deal earlier this year just as the shell was approaching its 24-month QT deadline. Escrow shareholders often work harder to find a deal (any deal will do) for their shell when it is near the end of its QT deadline. If a shell fails to close a QT on time it has to transfer to the NEX and cancel half the escrow position. Mr. Rankin, a regular supplier of last-minute QTs, also supplied Ms. Wood with a mining property in B.C. when her previous capital pool shell, Carolina Capital Corp. (CQC: $0.075), was approaching its QT deadline. In March, 2013, Carolina paid Mr. Rankin the exact same amount for its property. (Carolina is still exploring the property and the stock rarely trades.)
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