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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.04 points to 677.24 Wednesday. Roy Sebag's shell, Loma Vista Capital Inc. (LOV), received approval from shareholders at a meeting last week to complete a reverse takeover of BitGold Inc., another Sebag company. Loma Vista now has approval to roll back its shares 1:16.485587, which will leave it with 555,556 postconsolidated shares, and then issue 23,852,952 postconsolidated shares to the shareholders of BitGold. Mr. Sebag will remain chief executive officer and be the largest shareholder with 18,408,662 shares. When the deal closes, Loma Vista will change its name to that of its target and have 35,975,885 shares outstanding.

BitGold has built a platform that allows customers to use its website to buy gold and then use the commodity as money for various transactions. Customers can buy spot gold at an additional cost of 1 per cent of the total transaction, and they can then use the gold as payment. They can receive a BitGold Mastercard and use their gold for various transactions and cash withdrawals from ATMs, or they can transfer their gold, even across borders, to other people. Customers can also convert Bitcoin into gold. If they want to redeem the gold (get it in their hands) they have to pay another 1 per cent, plus $25 as well as shipping and insurance. They can redeem gold in one-kilogram bars or tiny 10-gram cubes. The company has already attracted some well-known investors, including Pat DiCapo's PowerOne Capital Corp., Alexander Soros's Soros Brothers Investments and Sprott Inc. (SII: $2.69).

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