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by Stockwatch Business Reporter
The TSX Venture Exchange
gained 14.87 points to close at 353.67 Thursday. James Hutton's first capital pool shell, Owl Capital Corp. (OCC: halted), has completed its qualifying transaction, which is a U.S. gold mining deal. The shell expects its resulting issuer to begin trading as Southern Empire Resources Corp. (SMP) on Tuesday, pending final exchange approval.
For its QT, the shell has acquired the following: a 75-per-cent interest in the Oro Cruz property in California, an 85-per-cent interest in the Eastgate property in Nevada and a 4.93-per-cent equity interest in Bullfrog Gold Corp. (BFG: $0.10). Owl Capital, which had 6,237,063 shares issued, acquired these three target assets by issuing shares to two vendors: 14,302,940 shares to Ron Netolitzky's Eros Resources Corp. (ERC: $0.055) and 11,124,000 shares to Dale Wallster's Demerara Gold Corp.
The main property, Oro Cruz, covers 2,783 hectares in Southern California. It includes a past-producing gold mine, which yielded 150,000 ounces between 1890 and 1941. Then from 1995 to 1996, MK Gold Co. produced 61,000 ounces before ceasing operations because of low gold prices (under $400 (U.S.) an ounce at the time). Now, Owl Capital owns 75 per cent of Oro Cruz. The other owner is Paul Saxton's Lincoln Gold Mining Inc. (LMG: $0.07) with 24 per cent. Lincoln is focusing its efforts not on Oro Cruz but on its Pine Grove property in Nevada.
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