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Shell Summary for May 12, 2020

2020-05-12 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 5.51 points to 500.71 Tuesday. John Gamble and Bruce Bent's first capital pool shell, Winston Capital Group Inc. (WNST: halted), plans to acquire a Spanish base metals explorer called Merida Minerals Inc. for the shell's qualifying transaction. The QT terms are not yet available.

Merida owns the Puebla de la Reina zinc-copper-lead property in Extremadura, southwestern Spain. The property covers 90 square kilometres. Previous operators conducted exploration work on the property, including 6,600 metres of drilling between 1983 and 2001. Based on the results of those drill programs, a Finnish company in 2001 estimated a resource of 500,000 tonnes at 11 per cent Zn, 1.6 per cent Cu, 1.2 per cent Pb and 32 grams per tonne silver. Neither the Finnish company nor any other operator has done work at Puebla de la Reina since then.

In February, 2019, Merida Minerals tried to go public by merging with Xander Resources Inc. (XND: $0.125). This TSX-V listing owns a B.C. copper property, but it has not done any work there since 2015. It stopped working there after it discovered that there was no near-surface copper deposit on the property. Xander has since been seeking a new asset, and last year it talked up Merida's Puebla de la Reina property. Under their deal, Merida and Xander together had hoped to raise $1-million at 10 cents. In March, 2020, Xander issued a brief news release to report that its deal with Merida was off. Xander is now seeking another business to promote.

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