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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.33 points to 816.23 Thursday. David Brett's capital pool shell, Inovent Capital Inc., has completed its qualifying transaction by acquiring the King's Point gold-copper-zinc project in Newfoundland. The shell has also closed a $553,242 private placement of 7,903,459 units at seven cents. The private placement units have added to the shell's 4,864,800 shares issued. Today, Mr. Brett's company listed as a mining issuer called Inomin Mines Inc. (MINE: $0.07) with 12,768,259 shares issued. It did not trade. Inomin Mines will soon issue 2.75 million shares to the seller of King's Point, geologist Dean Fraser. (The exchange has deemed the QT complete, even though the shares have not yet been issued.)

There were 54 subscribers to the private placement. Among them were four directors of the shell: investor relations man John Gomez, who bought 300,000 units; accountant George Pietrobon, who bought 215,000; geologist Bruce Winfield, with 150,000; and lawyer Ari Shack, with 60,000. The subscribers also included three pro groups, which bought a combined 375,000 units, and Mr. Fraser, who bought 70,000. When Mr. Fraser receives his 2.75 million shares, he will control 2.89 million shares or 18 per cent of Inomin Mines. He is not joining Inomin's board, but he will manage the company's exploration programs through his geological consultancy, RDF Consulting Ltd. Inomin's board comprises Mr. Brett and his five fellow shell directors. The remaining director not yet mentioned is lawyer Robert Baylis.

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