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by Stockwatch Business Reporter
The TSX Venture Exchange lost 3.42 points to 785.98 Thursday. Two capital pool shells have arranged mining deals for their qualifying transactions. First, Todd Hilditch's halted Riley Resources Corp. (RLY) is optioning the East Manhattan Wash gold property in Nye county, Nevada. Second, Jay Freeman's halted JM Capital II Corp. (JCI) is targeting a gold project in British Columbia and a lithium project in Quebec.
Mr. Hilditch's Riley Resources is acquiring East Manhattan Wash from MSM Resource LLC, which is wholly owned and controlled by Reno geologist Alan Day. To acquire the property, the shell must pay $257,500 and spend $550,000 on work programs over the next five years. On June 30, 2016, Riley had working capital of $301,337. It plans to sell a $262,500 private placement of 3.5 million shares at 7.5 cents to raise money for the acquisition.
On closing of the QT, Mr. Hilditch and his three fellow Riley directors will all remain on the board. Long-time shell-maker Mr. Hilditch is also the president of Idaho gold explorer Terraco Gold Corp. (TEN: $0.165), a director of Guinean graphite explorer Sama Resources Inc. (SME: $0.125), and a director of Alaska and Nevada copper explorer Copperbank Resources Corp. (CBK: $0.08).
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