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Shell Summary for Feb. 12, 2021

2021-02-12 19:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 29 points to 1,067 Friday, ending the week up 45 points. Three shells have released the terms of their qualifying transactions; all three are mining QTs. First, there is Chris Frostad's Victory Capital Corp. (VIC: suspended), which is acquiring Acapulco Gold Corp. Victory, which has 5,088,750 shares issued, will issue 32,460,771 shares to Acapulco's shareholders.

Acapulco has three Mexican properties: Riqueza Marina (copper-gold), Zaachila (copper-gold) and El Rescate (gold). Work at the properties has included mapping, sampling and geophysics, but no drilling. Acapulco aims to drill 3,000 metres at Riqueza Marina and 1,800 metres at Zaachila. To raise money for drilling, it will sell a $2-million to $3-million private placement, no price yet.

Victory and Acapulco have identified the director nominees for their resulting issuer: Michael Williams, David Jones, Dr. John Larson and Vikas Ranjan. Mr. Williams lives in Vancouver. He often boasts about his former Yukon gold explorer, Underworld Resources Inc., which was acquired in 2010 by Kinross Gold Corp. (K: $9.35) in an all-share deal that worked out to $2.62 per share. His co-promoter at Underworld was geologist Robert McLeod. The duo's other promotion, Full Metal Minerals Ltd., goes unmentioned by Mr. Williams. Full Metal traded up to $3.66 in 2007 on account of its Alaskan properties. It declined afterward, however, and rolled back twice: 1 for 3 in 2011 and 1 for 10 in 2014 (at which point Mr. McLeod left). Full Metal was halted at 9.5 cents in 2018 pending a New Zealand gold deal, which was replaced last year with a B.C. polymetallic deal that remains in progress. Mr. Williams resigned as the president and chief executive officer of Full Metal less than two months ago.

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