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by Stockwatch Business Reporter
The TSX Venture Exchange
slipped a fraction to 537.49 Monday. January Vandale's first capital pool shell, Fusion Gold Ltd. (FML: halted), has provided an update on its qualifying transaction: Its QT target, Battery Mineral Resources Ltd., has become insolvent.
Battery Mineral was formed in Sydney, Australia, in 2016. It has since acquired three cobalt prospects in Canada: McAra in Ontario, Gowganda in Ontario and Fabre in Quebec. It refers to these three prospects together as its Cobalt District project. Last month,
Battery Mineral went into "voluntary administration" in Australia. Its administrator, an advisory firm called McGrathNicol Services Pty. Ltd., is now in charge of restructuring or winding up the company. Last week, Battery Mineral transferred its assets into a newly formed B.C. company with a similar name, Battery Mineral Resources Corp.
Ms. Vandale's capital pool shell, Fusion Gold, has cancelled its QT arrangement with the original Battery Mineral and now plans to acquire the new Battery Mineral. Acquisition terms are not yet available, but the shell will roll back 1 for 2, leaving it with 3.1 million shares issued. (Under the original QT arrangement, the rollback ratio was 1 for 2.5.) The new Battery Mineral plans to release a technical report for its Cobalt District project. The report will include assays from a 2019 drill program, as well as a resource update for the McAra prospect. To finance these plans, the new Battery aims to raise at least $5-million. Financing terms are not yet available. (The original Battery Mineral had the same plans for Cobalt District. It intended to sell a $4-million (U.S.) private placement at 50 U.S. cents.)
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