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Shell Summary for July 29, 2014

2014-07-29 20:57 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 3.36 points to 1,016.50 Tuesday. Kay Jessel and William McCartney's halted capital pool shell, Karsten Energy Corp. (KAY), has an option to acquire the Mackenzie Mountains iron-copper property in the Northwest Territories as the shell's qualifying transaction.

Karsten must pay $300,000 and issue 250,000 shares, in stages, to the vendor, Metallis Resources Inc. (MTS: $0.18). Karsten also must spend $200,000 on exploration over five years. The shell expects to receive an NI 43-101 report on the property by Oct. 31, 2014. By then, it also hopes to close a non-brokered private placement of $300,000.

Following the QT, Karsten's directors and largest shareholders will remain in place. Mr. Kessel, a Karsten director and the largest shareholder, owns 1,635,000 shares. In 2012, he became a large shareholder of Touchstone Gold Ltd., a company that failed to attract investor interest, and soon after listing it traded for pennies. Shortly later, in April, 2014, it delisted from the TSX-V but it continues to trade on London's Alternative Investment Market.

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