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Shell Summary for March 31, 2015

2015-03-31 20:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 680.07 Tuesday, ending the month down 26.66 points. David Shaw's halted capital pool shell, Albion Petroleum Ltd. (ABP), has put an end to its run of nearly 10 years in the shell sector by acquiring Chris Osterman's KCP Minerals Inc., formerly Sundance Minerals Ltd., a base and precious metals explorer with 17 properties in Mexico and one in Nevada.

Albion rolled back 1:4, leaving it with 2,692,125 postconsolidated shares, and then issued 71,074,827 postconsolidated shares to the shareholders of KCP, including 12,562,912 shares from a recently completed $5.02-million private placement of 40-cent shares. Albion will resume trading shortly under the name First Mining Finance Corp. The largest recipient of the 71,074,827 shares was First Majestic Silver Corp. (FR: $6.83), which received 14,509,279 shares and will soon distribute them to its shareholders by way of a special dividend. Other recipients of the shares that Albion issued include Sprott Asset Management LP, which received 800,000 shares, the same number as Haywood's John Tognetti. As well, Verdmont Capital, a Panamian brokerage firm, received 450,000 shares, and a Verdmont trader, Taylor Housser, received 400,000 shares.

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