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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 785.54 Tuesday. Michael Doyle's halted capital pool shell, Richmond Road Capital Corp. (RRD), plans to acquire a Quebec lithium promotion called North American Lithium Inc. for the shell's qualifying transaction. The precise terms are not yet available, but Richmond Road plans to roll back 1 for 18.5, which would leave it with 270,270 postconsolidated shares issued. The shell estimates that its resulting issuer will have 76.9 million shares on closing of the QT. It also estimates that its shareholders will hold 0.4 per cent of those resulting issuer shares (which works out to 307,600), while the target's shareholders will hold 73.7 per cent (56,675,300). The remaining 26 per cent (19,994,000) will be held by financing subscribers. As a condition for closing the QT, the target must sell a $25-million to $75-million private placement of subscription receipts. It has not yet set the price. The resulting issuer will use the proceeds to develop North American Lithium's mining project in Val d'Or.

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