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Shell Summary for March 11, 2020

2020-03-11 20:33 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange dropped 25.87 points to 438.87 Wednesday. Katharine De Witt and Marcel de Groot's capital pool shell, Magnitude Mining Ltd. (MML: halted), plans to acquire Pucara Resources Corp. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 3.1 million shares issued, then issue 34,234,460 shares to its target's shareholders.

Pucara was formed in 2013. It owns 12 early-stage properties in Peru (which means that they contain nothing of much interest, at least not yet). Its main property, Lourdes, comprises 10 concessions covering nearly 2,600 hectares. Pucara is acquiring an 11th concession to increase the size of Lourdes by 600 hectares. It originally acquired most of Lourdes in 2013 from Esperanza Resources Corp., which is now a part of Alamos Gold Inc. (AGI: $7.54). Esperanza paid hardly any attention to Lourdes; it focused instead on a gold-silver property in Mexico, as well as a couple of other properties in Peru. Esperanza now holds a 1-per-cent royalty on nine concessions at Lourdes. Another royalty holder is Sandstorm Gold Ltd. (SSL: $7.05) with a 1-per-cent royalty on all 10 concessions. It acquired this royalty, along with royalties on six other Pucara properties, in 2017 in exchange for $1-million.

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