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Shell Summary for Aug. 22, 2019

2019-08-22 21:08 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 2.20 points to 578.10 Thursday. Aneel Waraich's first capital pool shell, Spirit Banner Capital Corp. (SBCC: halted), has released the terms of its qualifying transaction, which is the acquisition of a Mongolian lithium mining junior called Ion Energy Ltd. The shell will roll back 1 for 2, leaving it with 9,515,390 shares issued, then issue 52,242,410 shares to its target's shareholders. Ion Energy has a lithium brine property called Baavhai-Uul, which covers 81,758 hectares in southern Mongolia. To raise money for exploration, it is selling a $1-million private placement at 30 cents (postconsolidated).

Shell-maker Mr. Waraich is part of a group of Canadian, Australian and Mongolian resource stock promoters. He 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 offering his capital markets advisory services through Atma Capital Markets Ltd.

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