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Shell Summary for Dec. 5, 2019

2019-12-05 21:22 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 2.59 points to 537.11 Thursday. Kenneth DeWyn's third capital pool shell, Chainode Opportunities Corp. (CXD: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of a Quebec mining junior called AmAuCu Mining Corp. The shell will roll back 1 for 10.8, leaving it with 833,333 shares issued, then issue 24,876,678 shares to its target's shareholders.

AmAuCu's two main properties are called Corner Bay and Cedar Bay. They are both in the Chibougamau area (not adjacent). As of Dec. 31, 2018, Corner Bay contained an indicated resource of 89,800 pounds of copper and 13,000 ounces gold. As for Cedar Bay, it had an indicated resource of 39,000 ounces of gold and 4,400 pounds of copper on the same date. There was a producing gold-copper mine at the Cedar Bay property from 1958 to 1990.

AmAuCu is acquiring Corner Bay, Cedar Bay and a few secondary properties from the Ocean Partners group. Ocean Partners is a metals trader with offices in England and Connecticut. Under the earn-in agreement, AmAuCu must spend $10-million on exploration at Corner Bay and Cedar Bay within 5-1/2 years. Last month, AmAuCu sold a $5.02-million private placement at $1.30. The resulting issuer will spend $4.8-million on exploration at the two properties, including 23,000 metres of drilling and the preparation of a preliminary economic assessment.

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