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by Stockwatch Business Reporter
The TSX Venture Exchange added 8.07 points to 667.31 Friday, ending the week down 19.9 points. Glenn Mullan's suspended capital pool shell, Cleghorn Minerals Ltd. (JZZ), has signed a definitive agreement to option the Meech Lake Matachewan base and precious metals prospect in northeastern Ontario from 2973090 Canada Inc.
Cleghorn must pay $5,000 and issue nine million shares to the vendor. Mr. Mullan, a geologist and stock promoter, is the founder of both the shell and the property vendor; they share the same address. He is also the sole shareholder of the numbered company, but has requested to allocate the nine million shares to 11 shareholders. The two largest recipients will be Joe Groia, a Bay Street lawyer and also a founding director of Cleghorn, who will receive 2.5 million shares, and Mr. Mullan, who will receive two million. Three other Mullans -- Siobhan, Taelan and Logan -- will each receive 500,000 shares. So far, that adds up to five shareholders with a combined six million shares.
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