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by Stockwatch Business Reporter

The TSX Venture Exchange fell 7.13 points to 708.27 Tuesday. Marc Cernovitch and David Sidoo's halted capital pool shell, North South Petroleum Corp. (NAS), has replaced its Nevada lithium qualifying transaction with another Nevada lithium QT, although the shell says it is still working toward closing the first deal.

Under the now-sidelined first deal, North South must pay $1.5-million (U.S.) to Brian Paes-Braga and Paul Matysek's Lithium X Energy Corp. (LIX: $1.76) to acquire an option for the CVL South property in Clayton Valley. North South must also issue shares to Lithium X such that the optionor would hold 19.9 per cent of the company's shares on closing of the deal. North South has already paid Lithium X a $100,000 (U.S.) non-refundable deposit for the CVL South option (the $100,000 (U.S.) is not part of the $1.5-million (U.S.)).

To earn a 50-per-cent interest in CVL South, the optionee must spend $2-million (U.S.) on work programs over three years. North South had working capital of $992,465 on Jan. 31, 2016. As a condition of its deal with Lithium X, the shell needs to sell $4-million worth of shares at 25 cents.

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