06:58:17 EDT Thu 28 Mar 2024
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Shell Summary for Nov. 20, 2017

2017-11-20 20:03 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 5.22 points to 794.13 Monday. Robert Hall's halted capital pool shell, Abcana Capital Inc. (ABQ), has submitted a filing statement for its qualifying transaction, which is the acquisition of Farshad Shirvani's British Columbia mining junior, Casa Minerals Inc. The shell, which has four million shares issued, will issue 21,487,301 shares to its target's shareholders. Abcana Capital also plans to sell a $183,000 private placement of 1.02 million flow-through units at 10 cents and 1.2 million non-flow-through units at 6.75 cents. Previously, the shell was planning to raise more money by selling a $1-million private placement at 15 cents.

Casa Minerals owns the Pitman property, which covers 5,423 hectares near Terrace. It also holds an option to acquire a 75-per-cent interest in the Arsenault property, which covers 2,751 hectares near the Swift River in Northern B.C. Its optionor for Arsenault is also its president and largest shareholder, Mr. Shirvani, a geologist living in West Vancouver. To exercise the option, Casa must pay $15,000, issue 200,000 shares and spend $100,000 on exploration within two years. Afterward, it must pay $160,000, issue 2.2 million shares and spend $1.4-million on exploration over three years. On closing of Abcana's QT, Mr. Shirvani will be the president, the chief executive officer and a director of the resulting issuer. He will also be the largest shareholder, with 8,199,000 shares or 29.6 per cent on closing.

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