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Shell Summary for Feb. 23, 2017

2017-02-23 20:39 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.72 points to 839.45 Thursday. Michael England's suspended capital pool shell, BTU Capital Corp. (BTU), plans to option the Shakespeare gold project in Northern Ontario for its qualifying transaction. The shell, which has 2,553,334 shares issued, will issue 900,000 shares to acquire the option. Then, to exercise the option and earn a 100-per-cent interest in the project, the resulting issuer must issue another 900,000 shares within a year and spend $400,000 on exploration within two years. A technical report on Shakespeare, dated Jan. 25, 2017, recommends a $200,000 exploration program, comprising an induced polarization survey and reconnaissance drilling.

The Shakespeare property covers 528 hectares in the Sudbury mining division. It includes a gold mine that operated intermittently between 1905 and 1948. Currently, the property optionors are Don McKinnon Jr., Steve Anderson, Amanda Salo and Leigh Parnham. Mr. McKinnon Jr. is a son of Hemlo prospector Don McKinnon Sr., who died in 2012 age 83. In 2013, Mr. McKinnon Jr. became an adviser to two of Mr. England's resource promotions: GeoNovus Minerals Corp. and Caribou King Resources Ltd. In the same year, Mr. McKinnon Jr.'s wife, Mona McKinnon, along with Shakespeare optionors Mr. Anderson and Ms. Salo, sold a graphite property in Ontario to Caribou King Resources. In 2015, Caribou changed its name to CKR Carbon Corp. (CKR: $0.085). Mr. England remains a director of CKR Carbon but is no longer its chief executive officer. Mr. McKinnon Jr. remains an adviser.

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