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Shell Summary for Oct. 27, 2016

2016-10-27 20:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost a fraction to 775.19 Thursday. Larry Doan's halted capital pool shell, Marching Moose Capital Corp. (MMC), plans to acquire Avidian Gold Inc. for the shell's qualifying transaction. Marching Moose will roll back 1 for 2, leaving it with 1,820,001 postconsolidated shares issued, then issue 40,983,196 postconsolidated shares to its target's shareholders. Avidian's directors and officers hold 46 per cent of its shares.

Avidian was formed in 2011. It is based in Toronto and has four gold properties: Golden Zone and Amanita in Alaska, and Jungo and Dome Hill in Nevada. It also owns a VMS (volcanogenic massive sulphide) project in Newfoundland. On June 30, 2016, it had working capital of $494,025 (U.S.). As a condition of the QT, Avidian must raise at least $500,000 to finance its transaction costs and exploration expenses.

On closing of the QT, all of the shell's directors will resign. The resulting issuer's board will comprise Avidian's four directors: Giulio Bonifacio, Dino Titaro, David Anderson and Victor Bradley. Mr. Bonifacio, an accountant, is Avidian's executive chairman and will be the executive chairman of the resulting issuer. He is the founder and president of Nevada Copper Corp. (NCU: $0.58), which listed in November, 2006. Nevada Copper peaked at $6.42 in April, 2011. It is currently reviewing its "strategic options." In July, 2016, Mr. Bonifacio became a director of Nevada gold promotion Timberline Resources Corp. (TBR: $0.69).

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