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by Stockwatch Business Reporter
The TSX Venture Exchange lost 4.56 points to 825.14 Tuesday. Andy Edelmeier's suspended capital pool shell, Accend Capital Corp. (ADP), plans to acquire the Block 103 iron ore property in Labrador for the shell's qualifying transaction. Accend, which has 2,825,000 shares issued, will issue 12 million shares to the property owner, Andy Bowering's ML Gold Corp. (MLG: $0.23). The shell must also pay $200,000 cash on closing and another $800,000 after two years. Last month, Accend sold a $600,000 private placement of shares at five cents. On closing of the QT, the shell will change its name to Maple Leaf Iron Corp.
ML Gold, formerly an iron ore promotion called Cap-Ex Iron Ore Ltd., last conducted exploration at Block 103 in 2013. It changed its name from Cap-Ex in November, 2016, and is now after gold in British Columbia and Nevada. If Maple Leaf Iron completes a prefeasibility study for Block 103, then it must pay ML Gold $5-million in cash or shares. If Maple Leaf completes a feasibility study, then it must pay another $15-million in cash or shares. In the meantime, before the QT can close, the shell must sell a $2-million private placement of 10 million units at 20 cents.
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