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Shell Summary for June 18, 2020

2020-06-18 20:28 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.52 points to 558.27 Thursday. Giuseppe (Pino) Perone's first capital pool shell, PLB Capital Corp. (PLB: halted), which is working on a mining deal for its qualifying transaction, has identified the director nominees for its resulting issuer: Matthew Salthouse, Marcus Engelbrecht, Geoff Lawrence and David Loretto. For the shell's QT, it is acquiring Kainantu Resources Ltd., a gold explorer in Papua New Guinea. Kainantu is working on a technical report on its early-stage projects, which cover a combined 726 square kilometres. PLB Capital, which has four million shares issued, will issue 40 million shares to Kainantu's shareholders.

Mr. Salthouse will be the chief executive officer of the resulting issuer. He is a lawyer who previously practised in Australia and England. He now lives in Singapore. From 2007 to 2011, he was the secretary and general counsel to Oceanagold Corp. (OGC: $2.83), an operator of gold mines in the Philippines and New Zealand. Then from 2011 to 2014, he was the president of Archipelago Resources PLC, an Indonesian gold miner. Archipelago used to trade on the AIM in London. It was taken private in 2013 by its largest shareholder, an Indonesian investment holding firm, at 58 pence sterling per share. Mr. Salthouse then moved on to join an Indonesian palm oil company, R.E.A. Holdings PLC, from 2014 to 2019. He held positions including executive director of Indonesian operations. R.E.A. trades on the London Stock Exchange and last closed at 65 pence. These days, Mr. Salthouse is the commercial/mining director of Pacific Energy Consulting Ltd., an engineering firm in Papua New Guinea that focuses on power-generation projects. This company is the optionor of all of Kainantu's properties.

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