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by Stockwatch Business Reporter
The TSX Venture Exchange slipped four points to 1,084 Wednesday. Fred Leigh Jr.'s XIB I Capital Corp. (XIB: halted) has submitted a filing statement for its qualifying transaction, which is the acquisition of a Papua New Guinea gold explorer, MR Exploration PNG Pte. Ltd. The shell will roll back 1 for 2.62, leaving it with five million shares issued, then issue 71,666,666 shares to its target's shareholders.
MR has eight properties, the main ones being Feni, Gameta and Wapolu. Previous operators conducted drilling at each of the main properties before 2009. In December, 2020, MR completed technical reports for the three properties and estimated inferred resources of 650,000 ounces at Feni (1.01 grams per tonne gold), 360,000 ounces at Gameta (1.55 g/t gold) and 140,000 ounces at Wapolu (1.42 g/t gold). Gameta and Wapolu are both on Fergusson Island, so MR refers to them together as the Fergusson Island project.
On Sept. 30, 2020, MR had $37,500 cash. In December, its largest shareholder, Mayur Resources Ltd., raised money for it, specifically $8.6-million at 30 cents. The resulting issuer will use the proceeds for exploration, including drilling, at Feni, Gameta and Wapolu. On closing of the QT, Mayur will be the largest shareholder of the resulting issuer, with 53 million shares or 43 per cent. Mayur owns cement, lime and industrial mineral sands properties in Papua New Guinea. Its stock trades on the Australian Securities Exchange and last closed at 28 Australian cents.
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