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by Stockwatch Business Reporter
The TSX Venture Exchange gained 1.04 points to 811.63 Monday. Two capital pool shells have submitted filing statements for their qualifying transactions, which are both mining deals. First, Michael Thomson's halted Roll-Up Capital Corp. (ROL) is acquiring a Nevada copper/gold explorer, Renntiger Resources Ltd. Second, Hani Zabaneh's halted Black Springs Capital Corp. (BSG) is acquiring a Quebec gold property owner, Groupe Ressources Geomines Inc.
Mr. Thomson's Roll-Up Capital will roll back 1 for 3, leaving it with 2.1 million postconsolidated shares issued, then issue 33,305,225 postconsolidated shares to Renntiger's shareholders. The resulting issuer will be called VR Resources Ltd.
Roll-Up and Renntiger hope to close this deal by Wednesday (and if not, then by month-end).
Renntiger has three copper/gold properties in Nevada. A technical report recommends a $200,000 resistivity survey for the main property, Bonita, which unlike the also-recommended $800,000 drilling program will attract no investors. Renntiger also plans to conduct exploration at one of the other properties, Danbo. To finance the work plans, Renntiger has sold a $4.41-million private placement of 14,715,697 (postconsolidated) subscription receipts at 30 cents. There were 80 subscribers, including 46 from British Columbia who bought a combined $1.25-million worth of shares. There were also four subscribers from the United States who bought a combined $1.35-million worth of shares.
Until recently, private placement subscribers who usually purchase shares at a discount were disclosed by, or at the behest of, the B.C. Securities Commission. That has changed. Now, private placees are hidden from investors.
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