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Shell Summary for May 1, 2019

2019-05-01 20:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.41 points to close at 609.91 Wednesday. Patrick Langlois's first capital pool shell, Angus Ventures Inc. (GUS: halted), plans to acquire the Slate Bay exploration property in Ontario for the shell's qualifying transaction. Angus will pay $30,000 and issue 70,000 shares to Canstar Resources Inc. (ROX: $0.045), and Angus will pay another $30,000 to Canstar's Slate Bay optionor, the privately held Luxor Explorations Inc., which has owned the property since 1936.

Angus can easily afford this acquisition. When it listed in August, 2017, it sold a $200,000 initial public offering at 10 cents as well as a $1.49-million private placement at 10 cents.

Slate Bay is a copper-gold-silver property near Red Lake. Canstar drilled it from 2002 to 2008, but at the time it was also drilling at a handful of other properties in Ontario and Newfoundland. Since 2009, most of Canstar's attention has been going to its Mary March zinc-lead-copper property in Newfoundland. Over the years, Canstar has not quite managed to make an exciting promotion out of its properties. Its stock has traded mostly between five cents and 25 cents. These prices are not adjusted for a 1-for-5 rollback completed last year. Canstar closed at 4.5 cents today.

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