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by Stockwatch Business Reporter

The TSX Venture Exchange declined 2.69 points to 541.50 Friday, ending the week down 8.41 points. James Varanese and Lord Simon Reading's halted capital pool shell, Quartet Resources Inc. (QRL), has received conditional approval from the exchange to go ahead with its qualifying transaction of acquiring Goldbelt International Ltd. Earlier this week, the company and its broker, Industrial Alliance Securities Inc., filed a prospectus for the sale of between 3.75 million and 10 million units at 20 cents. The shell must close the offering before it can close the QT. The broker has likely already found enough investors because Quartet anticipates closing the deal by the end of the month.

Quartet, which has 8.15 million shares outstanding, will issue 7.5 million shares to acquire Goldbelt, and then change its name to Goldbelt Empires Ltd. It will become a gold company exploring the 150-square-kilometre South Morila property in Mali. Goldbelt acquired the property last October from a subsidiary of Tanex Corp., a Baltimore company with mining projects in developing countries that also advises governments and institutions, particularly those working in Africa. Tanex will receive 1.5 million shares of the 7.5 million shares that Quartet will issue, and nominate Hermanus (Harry) Ackerman, a 41-year-old U.K. resident who is fluent in Afrikaans, to the board of Quartet.

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