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by Stockwatch Business Reporter
The TSX Venture Exchange fell 7.68 points to 771.62 Thursday. Guy Le Bel's halted capital pool shell, Redquest Capital Corp. (RQM), has released the terms of its qualifying transaction, which is the acquisition of a Quebec gold explorer called Harfang Exploration Inc. The shell will roll back 1 for 4, leaving it with 1,947,355 postconsolidated shares issued, then issue 16,217,333 postconsolidated shares to its target's 39 shareholders.
In June, 2016, Harfang acquired the Lake Menarik property in Northern Quebec from a wholly owned subsidiary of Sean Roosen's Osisko Gold Royalties Ltd. (OR: $16.22). Harfang issued five million shares to Osisko. On closing of the QT, Osisko will be the largest shareholder of the resulting issuer, with five million shares or 24.44 per cent. In October, 2016, Harfang acquired the Lake Menarik East and Vauquelin West properties from Novx21 Inc. (NOV), a former resource junior that is now a cease-traded NEX shell. Harfang paid $98,000. On Jan. 31, 2017, it had working capital of $925,366.
In connection with its going public, Harfang is selling a $500,000 private placement of two million units at 25 cents. The resulting issuer will use the proceeds for exploration, initially a ground survey at Lake Menarik.
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