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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 780.46 Monday. Richard Groome's halted capital pool shell, Bitumen Capital Inc. (BTM), has submitted a filing statement for its qualifying transaction, which is the acquisition of a British Columbia gold-silver-copper explorer called Goliath Resources Ltd. The shell will roll back 1 for 1.67 (previously 1 for 2), leaving it with 8,353,294 shares issued, then issue 51,381,001 shares to its target's shareholders, creditors and property optionor.

Goliath has four properties in northwestern B.C. The main one is called Lucky Strike. Goliath's optionor for all four properties is the J2 Syndicate, which has already received $300,000 and 9.9 million shares from Goliath. These 9.9 million Goliath shares will convert 1 for 1 into shares of the resulting issuer. On closing of the QT, J2 will also receive another 5,395,000 resulting issuer shares, so its position will comprise 15,295,000 shares or 25.6 per cent on closing. Goliath's next option payments will be due on Nov. 1, 2018, totalling $405,000 for the four properties. Goliath must also spend a combined $1.04-million on exploration at the four properties by Dec. 15, 2018. To finance exploration, it has sold a $2.19-million private placement at 10 cents.

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