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by Stockwatch Business Reporter
The TSX Venture Exchange lost 4.47 points to 833.11 Friday, ending the week down 0.18 point. Glenn Mullan's suspended, five-year-old capital pool shell, Cleghorn Minerals Ltd. (JZZ), has finally completed its qualifying transaction. It has acquired the Meech Lake-Matachewan precious and base metals project in Northeastern Ontario from Mr. Mullan's own 2973090 Canada Inc. Cleghorn, which had 4,400,500 issued shares, paid $5,000 to 2973090 Canada and issued 7,888,928 shares to six people: Mr. Mullan, who received 3,613,928 shares; Mr. Mullan's three daughters, who received a total of 1.5 million shares; shell director Joseph Groia, who received 2,625,000; and the shell's consulting geologist, Michael Rosatelli, who received 150,000. Cleghorn should soon resume trading.
Cleghorn first announced this QT in October, 2014, but even so, it is not the slowest-moving capital pool shell. John Versfelt's suspended, five-year-old Credent Capital Corp. (CDT) has been working on its own QT since December, 2013. Credent is acquiring Hydro Power Technologies Inc., a maker of turbine valves in Burlington, Ont. Usually, the reason for these closing delays is a financing requirement. Under Credent and Hydro Power's deal, the target must sell a $5-million private placement of units at $1.
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If you think JZZ was a long time in incubation you should see Dale Wallsters shell trying to do an IPO for the past 7 years. Unbeleivable series of blunders and miscues.