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Shell Summary for Dec. 16, 2019

2019-12-16 21:31 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.08 points to 541.61 Monday. Kenneth DeWyn's third capital pool shell, Chainode Opportunities Corp. (CXD: halted), has completed its qualifying transaction: It has acquired a Quebec copper-gold explorer called AmAuCu Mining Corp. The shell rolled back 1 for 10.8, which left it with 833,333 shares issued, then it issued 24,876,678 shares to its target's shareholders. Tomorrow, the resulting issuer will begin trading as Dore Copper Mining Corp. (DCMC).

In connection with the QT, AmAuCu sold a $5.02-million private placement at $1.30. Dore Copper therefore has money to spend on exploration at its two main properties, Corner Bay and Cedar Bay, which are both in the Chibougamau area.

The president and chief executive officer of Dore Copper is Ernest Mast. From February, 2015, to March, 2017, he was the president of a Mexican gold-silver producer, Primero Mining Corp., which during that period saw its stock fall to 70 cents from $4.80. There were several factors for the fall, including Mexican tax disputes, Mexican labour disputes, operational issues (high costs, low production) and general mining sector decline. Primero was later acquired by First Majestic Silver Corp. (FR: $14.64). Mr. Mast holds 1.17 million shares or 4.6 per cent of Dore Copper.

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