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Shell Summary for June 15, 2020

2020-06-15 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 4.91 points to close at 559.82 Monday. Steve Bajic and Robert Meister's capital pool shell, Huffington Capital Corp. (HU: halted), has arranged a mining deal for its qualifying transaction. The shell is acquiring an option to earn a 90-per-cent interest in the Mohave gold property in Arizona from M3 Metals Corp. (MT: $0.12). Huffington must pay $300,000 to M3 Metals to close the QT. Afterward, its resulting issuer must pay $5.8-million (of which up to $2.5-million may be paid in shares) and spend $3-million over the next four years to earn the 90-per-cent interest in the property. The remaining 10 per cent will be held by M3 Metals. In connection with the QT, the shell must sell an $800,000 private placement at eight cents.

M3 acquired its Mohave project in October, 2019, from two private vendors (DDS Resources LLC and Mohave Mine Partnership LLC). Work previously done on the property included 20,700 metres of drilling in 550 holes, which were mostly drilled in the 1980s and 1990s. There is a historical resource estimate of 96,000 ounces of gold on the property, but no owner has conducted enough deep drilling to confirm that. At the end of February, 2020, M3 had working capital of $568,000. It has since finished a mapping and sampling program at Mohave. Samples returned up to 78.1 grams per tonne gold and 115 grams per tonne silver over 1.5 metres. The shell is now working on a technical report for the property.

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