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Shell Summary for March 27, 2017

2017-03-27 21:16 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 804.14 Monday. Gary MacDonald's halted capital pool shell, Aintree Resources Inc. (AIN), plans to acquire the Tonopah gold project in Nevada from Midway Gold Corp.'s Midway Gold U.S. Inc. The shell has already paid $50,000 (U.S.) and issued 1.5 million shares, not to the seller but to royalty holders, to waive their claims against Midway Gold U.S. The royalty holders have also agreed to restructure Tonopah's sliding-scale royalty into a flat 2-per-cent royalty. To acquire Tonopah, Aintree must pay $25,000 (U.S.) to Midway Gold U.S. On Oct. 31, 2016, the shell had a working capital deficit of $147,534, so it will need to raise money.

Midway Gold Corp. last drilled at Tonopah in 2011. With assays such as 334.9 grams per tonne gold, Tonopah was the sort of property that companies with neighbouring projects would name-drop. In 2011, Midway Gold Corp. was a public Nevada gold explorer under Los Angeles promoter Daniel Wolfus. It traded up to $2.99 on the TSX-V that year. In 2013, it moved up to the prestigious Toronto Stock Exchange, but by 2015, the promotion was over. The company filed for bankruptcy and delisted. Last week, Midway Gold U.S. received court approval to sell Tonopah to Aintree, free of liens.

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