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by Stockwatch Business Reporter
The TSX Venture Exchange gained 4.59 points to 757.52 Friday, ending the week up 2.30 points. Minaz Dhanani's halted capital pool shell, Royal Lifescience Corp. (RLS), plans to acquire Slave Lake Zinc Corp. for the shell's qualifying transaction. The shell, which has 3.99 million shares issued, will issue 25.5 million shares to its target's shareholders.
Royal Lifescience plans to sell a $120,000 private placement of shares at 15 cents. It will lend the proceeds to its target as a bridge financing. The shell also plans to sell a $1.4-million private placement of units at 20 cents, to raise money for exploration. Slave Lake Zinc owns the 465-acre O'Connor Lake property in the Northwest Territories, southeast of Yellowknife.
Slave Lake Zinc was founded in September, 2016, by Ritch Wigham and Jas Rai. Mr. Wigham was a broker, specializing, says he, in commodities, for over 30 years. He worked at Mackie Research Capital Corp. from 2001 to 2013, then he spent a couple of years with Global Securities Corp. (now a part of PI Financial Corp.). Before becoming a broker, Mr. Wigham was a geological assistant and prospector in the NWT and Saskatchewan. On closing of the QT, he will be the chief executive officer and a director of the resulting issuer.
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