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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.47 points to 1,014.45 Thursday. James Phillipson and Paul Marsiglio's Unite Capital Corp. (UNT) has found a last-minute qualifying transaction. It will be taken over by Yannis Banks's Lakeside Minerals Inc. (LAK: $0.01).

There will be two rollbacks before this deal closes. Unite will roll back its shares 1:2.0475, leaving it with 2.6 million postconsolidated shares. Lakeside will roll back its shares 1:4, leaving it with about 10 million postconsolidated shares. After the rollbacks, Lakeside will acquire Unite by issuing 2.6 million postconsolidated shares to Unite shareholders. Unite shareholders will become shareholders of Lakeside, which owns the Launay gold property in the Abitibi region of Quebec. Lakeside hopes to eventually be a prospect generator, but there is much to do and much money to raise before that might happen. It currently has just one property, Launay, and as of Oct. 31, 2013, had a working capital deficiency of $380,000. It plans to trim its liabilities by about $95,000 by issuing shares for debt, and it will have $130,000 of Unite's working capital.

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