This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange fell 5.95 points to 692.03 Thursday. Roy Sebag's BitGold Inc. has sold a $7-million private placement of 7,777,777 subscription receipts at 90 cents as it prepares to go public by a reverse takeover of Loma Vista Capital Inc. (LOV), a shell managed by Mr. Sebag. The money from the financing will remain in escrow until the transaction closes. BitGold has a platform that allows customers to go to its website and buy gold, which they can then either save or use as a form of payment.

Dundee Securities Ltd., with help from three others brokerage firms, sold the financing to investors that include Sprott Inc. (SII: $2.49), which last month said it would acquire 2,222,222 receipts for $2-million. As well, Mr. Sebag "and his designees" acquired 1,111,111 receipts. The receipts will convert into postconsolidated units of Loma Vista (1:16.5) when this transaction closes, with each unit comprising one share and one-half warrant; whole warrants will be exercisable at $1.35 for 18 months. Loma Vista and BitGold must complete the reverse takeover by April 27, or the subscribers to the financing will get their money back.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS