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Shell Summary for July 20, 2020

2020-07-20 20:39 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 10.21 points to close at 685.16 Monday. Stuart Olley's first capital pool shell, Cassowary Capital Corp. Ltd. (BIRD: halted), is raising up to $1.65-million by private placement at 37.5 cents (postconsolidated) in connection with its qualifying transaction. The shell is acquiring a Scottish gold-copper explorer called Western Gold Exploration Ltd. Cassowary will roll back 1 for 2.5, leaving it with 5,600,040 shares issued, then issue 13,066,760 shares to its target's shareholders. Before the QT can close, the shell must raise at least $780,000 in its private placement. So far, it expects to raise more than $1-million.

Western Gold has two properties, Knapdale and Lagalochan, both in western Scotland. Each of them is a gold and base metals (especially copper) target for the company. Back in the 18th and 19th centuries, there was a producing lead-copper mine at Knapdale. (There is no word on its fate, but in all likelihood any technical data vanished long ago.) Western Gold had working capital of $541,720 on July 15, 2020. It is working on a technical report for its properties.

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