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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 9.40 points to 488.22 Thursday. Charalambos (Harry) Katevatis's first capital pool shell,
Kapa Capital Inc. (KAPA: halted), plans to acquire a U.S. mining junior called Quantus Resources Corp. for the shell's qualifying transaction.
The shell, which has five million shares issued, will issue 44 million shares to its target's shareholders and 750,000 shares to the target's unidentified property optionor. The shell may also issue up to 4.5 million shares to its target's creditors.
Quantus holds an option to acquire the Blackhawk gold property in San Bernardino county, California. In connection with its going public, it plans to sell a $2.8-million private placement, but the terms are not yet available. Presumably, it will use the proceeds for exploration at Blackhawk.
In the QT announcement, Kapa says almost nothing else about Quantus. This company was formed in 2010 as a private Nevada silver explorer called Silver Reef Resources Ltd. In 2011, Silver Reef's 68-per-cent shareholder, Bob Buchan's Elgin Mining Inc., sold its entire Silver Reef position to Fraser Buchan's (son of Bob) Angus Mining Inc. for $1-million cash and $1.5-million worth of Angus shares. At the time, Elgin was shifting its focus to Nunavut gold, hence the sale of its Nevada silver interest. As for Angus, it was shifting its focus away from Namibian gold and toward Nevada silver.
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