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by Stockwatch Business Reporter
The TSX Venture Exchange closed down 2.66 points to 622.50 Monday. Aneel Waraich's Canadian-Australian-Mongolian resource promotion group has announced a qualifying transaction plan for the group's first capital pool shell, Spirit Banner Capital Corp. (SBCC: halted). The shell plans to launch the group's Mongolian lithium explorer, Ion Energy Ltd. The QT terms are not yet available, but Ion Energy is raising an initial $750,000 at 10 cents in connection with its going public. It will soon be raising more money for working capital and to finance exploration. It has a lithium project called Baavhai-Uul, which covers 81,758 hectares in southern Mongolia.
Mr. Waraich lives in Toronto. He was an analyst with Goodman & Company Investment Counsel Inc. for two years until January, 2010, after which he spent the rest of 2010 with Dundee Capital Markets Inc. Since 2011, he has been the principal of Atma Capital Markets Ltd., a capital markets advisory firm. Mr. Waraich is the chief executive officer of Spirit Banner Capital. He is also an escrow shareholder but not a director or officer of the group's second capital pool shell, Spirit Banner II Capital Corp. (SBTC: $0.15), which has not yet announced a QT plan.
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