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by Stockwatch Business Reporter

The TSX Venture Exchange fell 9.47 points to 667.30 Wednesday. Roy Sebag's shell, Loma Vista Capital Inc. (LOV), plans to complete a reverse takeover of BitGold Inc.

Loma Vista will roll back its shares 1:16.5, leaving it with 555,070 postconsolidated shares, and then issue 27,292,500 postconsolidated shares to the shareholders of BitGold, after which the shell will change its name to that of its target. BitGold is building a platform for customers to buy gold and then either save it or use it as a form of payment for various transactions. The company says its platform will allow for the following transactions: "cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, conversions to a customer's external digital wallet or bank and physical gold redemptions." Yes, the company even plans to give its customers a debit card, but so far it is unclear where that debit card will be accepted. It also says it will store gold in vaults around the world, should customers want to redeem physical gold. There are already similar services operated by various competitors including Halsey Minor's cryptocurrency company, Bitreserve, which allows customers to purchase products using gold at any location that accepts bitcoin. BitGold is not open for business yet but it has a countdown on its website that says it will launch in 15 days. The service will not be available to U.S. residents right away. Even though it is not conducting business yet, BitGold is already trying to lure customers. Anyone who registers his e-mail with the company before its 15-day countdown ends will receive a deposit of $20 (U.S.) worth of gold in his account when BitGold opens for business.

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