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by Stockwatch Business Reporter
The TSX Venture Exchange fell 5.55 points to 752.93 Thursday. Going in the opposite direction, geologist Chris Doornbos's shell graduate, E3 Metals Corp. (ETMC), rose 14 cents to 67 cents on 32,466 shares. E3 Metals is an Alberta lithium promotion. It has received MIM (metallic and industrial minerals) permits covering 389,934 hectares at the Leduc Reservoir, and now its permits cover 477,898 hectares in total.
E3 Metals went public through accountant and promoter Praveen Varshney's NEX shell, Savannah Gold Corp. In March, 2017, Savannah sold a $255,000 private placement of 1.7 million shares at 15 cents. There were 10 unidentified placees, of whom none was an insider or pro group. The following month, Savannah sold a $600,000 private placement of three million shares at 20 cents. There were 51 placees, of which 49 were unidentified. Ten unnamed pro groups bought a combined 582,500 shares. One of the named subscribers was Mr. Varshney, who bought 45,000 shares. After completing the second private placement, Savannah announced its plan to launch E3 Metals. The deal closed a few weeks later, in May. Mr. Varshney did not join the board of E3 Metals, but his brother Peeyush Varshney, a lawyer, did.
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