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Shell Summary for April 28, 2020

2020-04-28 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 470.89 Tuesday. Sean Mager and John Williamson's second capital pool shell, Duro Metals Inc. (DURO: halted), plans to acquire a B.C. mining junior called Kingfisher Resources Ltd. for the shell's qualifying transaction. The shell, which has 6.3 million shares issued, will issue 14,051,901 shares to its target's shareholders.

Kingfisher owns a copper-gold-zinc-silver property called Ecstall in Northern British Columbia. It covers 25,017 hectares and is located 56 kilometres southeast of Prince Rupert. So far, Kingfisher has spent $541,700 on exploration at Ecstall. Last year, it conducted sampling and an airborne survey. For its next work program, it plans to spend $200,000 on mapping and further sampling. On Dec. 31, 2019, Kingfisher had working capital of $343,500.

Before the QT can close, the shell and its target together must sell a $500,000 private placement at 20 cents. They will use the proceeds for QT costs, exploration and working capital.

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