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Shell Summary for Nov. 24, 2015

2015-11-24 17:53 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.18 points to 518.98 Tuesday. Gary Freeman's halted shell, Ethos Gold Corp. (ECC), has cancelled its acquisition of Rudy Callegari's New York moving company, Zootly LLC. To satisfy the terms of its acquisition by Ethos, Zootly needed to raise $1.1-million (U.S.) in a private placement of units at $1.02 (U.S.) and $5-million (U.S.) in a private placement of subscription receipts at $1.20 (U.S.). On Nov. 13, it sold $1.24-million (U.S.) of units, which was far from sufficient. It expected to sell a further $277,980 (U.S.) of units by month-end, but that would still have been insufficient. Zootly now says it may arrange a different merger transaction with Ethos later, or it may go public through another company. Ethos has no further comment but will resume trading on the TSX-V tomorrow.

Mr. Freeman listed Ethos on the TSX-V in December, 2007, as a junior capital pool called Ethos Capital Corp., with an initial public offering of shares at 20 cents. The stock peaked at $1.40 in May, 2011, when the company began drilling for gold in Yukon. Ethos returned to the shell sector, no longer a junior capital pool, in March, 2013, after failing to strike gold, and has since traded between 11 and 26 cents. Besides being president of Ethos, Mr. Freeman is a director and the largest shareholder of geologist Stephen Kenwood's shell, Remo Resources Inc. (RER: $0.07). Remo has been quiet since it abandoned its acquisition of e-mail encryption software developer Identillect Technologies Inc. in May, 2014. Identillect now hopes to go public through Emprise Capital's halted NEX shell, Quentin Ventures Ltd. (QTN).

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