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by Stockwatch Business Reporter
The TSX Venture Exchange fell a fraction to 564.79 Tuesday. David Antony's first capital pool shell, Rider Investment Capital Corp. (RDR: halted), has closed its qualifying transaction. It has acquired the Mann silver property in Northeastern Ontario from a Quebec copper explorer, Powerore Inc. (PORE: $0.055), in exchange for 17,857,143 shares. To raise money for its resulting issuer, Rider has sold a $700,000 private placement of flow-through units at 12 cents and non-flow-through units at 10 cents. Now, following closing of both the financing and the QT, Powerore's 17,857,143 shares represent 61.7 per cent of Rider. Tomorrow, Rider will begin trading as a shell graduate called
Baselode Energy Corp. (FIND).
The Mann property covers 852.5 hectares near the town of Gowganda. Rider/Baselode plans to spend $450,000 on exploration, including drilling, at Mann. The property has a past-producing silver mine, which yielded 330,000 ounces of silver before 1987. Its operator at the time abandoned the mine in 1988 after a "disappointing and unsuccessful" work program. It complained about various challenges, including "the isolated location of the project, adverse weather conditions, inadequate road access, and poor
performance by mining and drilling contractors." The property was left untouched for 23 years. Now, according to the shell's recently submitted QT filing statement, no mining-related infrastructure remains on the property. As for the old mine workings, there are still five old shafts and a ramp that goes down 210 feet.
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