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by Stockwatch Business Reporter

The TSX Venture Exchange added 1.87 points to 681.43 Friday, ending the week up 10.84 points. James Richardson's suspended capital pool shell, Walmer Capital Corp. (WAL), has terminated its plan to buy a box-maker in Waterloo as its qualifying transaction in favour of a mining deal. It will option a 70-per-cent interest in the Golden Shears silver-gold property, located in the Goodsprings district of Nevada, from a subsidiary of Renaissance Gold Inc. (REN: $0.26).

Walmer, which naturally "believes that the project is an excellent choice as a qualifying transaction," must pay $50,000 (U.S.) upfront and reimburse claim fees for the past year. As well, the shell must spend $3-million (U.S.) on exploration over seven years, by which time the company and the vendor hope to have a bankable feasibility study. Walmer plans to complete a private placement of up to $1.5-million to get started.

If this QT closes, no one from Renaissance will join the board or become a manager. Instead, Mr. Richardson has recruited geologist David Bending to join the board and take over as chief executive officer. The timing is better than good for Mr. Bending, whose current employer is having administration troubles. He is the vice-president of exploration at Mahdia Gold Corp. (MGD: halted), a Guyana gold explorer that is behind on filing its annual audited financials for its fiscal year ended Aug. 31, 2014. They were due Dec. 29.

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