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by Stockwatch Business Reporter
The TSX Venture Exchange added 2.48 points to 643.46 Monday. Dev Randhawa's Ballyliffin Capital Corp. has finally completed its qualifying transaction, eight years after listing on the TSX-V. The shell spent the remaining $820,925 from its treasury on shares of another Randhawa company, Ironside Resources Inc. (IRC: $0.085), formerly Papuan Precious Metals Corp.
Ballyliffin recently subscribed to 6,567,600 shares of Ironside at 12.5 cents a share by private placement. The shell then distributed the Ironside shares to Ballyliffin shareholders pro rata, after which it delisted and dissolved. Ballyliffin had 20,523,750 shares outstanding, which means each shareholder received 0.32 of an Ironside share, valued at four cents, for each Ballyliffin share held. This deal ends the shell's eight-year search for a QT, and it removes another illiquid company from the exchange. This also gives Mr. Randhawa one less company to worry about with all that he has going on. His uranium company, Fission Uranium Corp. (FCU: $0.95), reported earlier this month that it will merge with Lukas Lundin's Denison Mines Corp. (DML: $0.80), with Mr. Randhawa set to become CEO of the merged company; Mr. Lundin will become the non-executive chairman. The companies estimate the market capitalization of the merged company will be about $900-million, so it seems likely that managing it will be a full-time job for Mr. Randhawa. The fewer companies that he has to concern himself with is probably for the best.
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