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by Stockwatch Business Reporter

The TSX Venture Exchange decreased a fraction to 690.75 Monday. Devinder Randhawa's halted capital pool shell, Ballyliffin Capital Corp. (BLL), will finally, after eight years on the TSX-V, complete a qualifying transaction by spending most of its $825,000 treasury on shares of Mr. Randhawa's Ironside Resources Inc. (IRC: $0.025), formerly Papuan Precious Metals Corp. Last month, Ironside and Juniper Capital Partners Ltd. optioned a 25-per-cent carried interest in the Wadi Sawain iron ore project in Saudi Arabia.

Ironside will sell a private placement of 2.5-cent shares to Ballyliffin, which will then distribute the Ironside shares to Ballyliffin shareholders pro rata, and then the shell will delist and dissolve. Assuming Ballyliffin spends its entire treasury of $825,000, it will receive 33 million Ironside shares. The shell has 20,523,750 shares outstanding, which means Ballyliffin shareholders would receive about 1.6 Ironside shares for each Ballyliffin share held. The shell went public more than eight years ago in March, 2007, with a 10-cent IPO. Since then, it has attempted QTs with a Chinese forestry company, a Brazilian gold explorer and a Filipino copper-gold explorer, but those plans all collapsed. Ironside plans to complete a 1:5 rollback shortly after selling the cheap shares to Ballyliffin.

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