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Shell Summary for Aug. 20, 2020

2020-08-20 20:27 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 739.48 Thursday. Scott Gibson's second capital pool shell, Collingwood Resources Corp. (COLL: suspended), plans to acquire a Peruvian copper-gold explorer called Forte Copper Corp. for the shell's qualifying transaction. The shell will roll back 1 for 3, leaving it with 4,476,666 shares issued, then issue 27,128,587 shares to its target's shareholders.

Forte Copper, previously called Plan B Minerals Corp., has three early-stage properties in Peru. First, the company holds a 60-per-cent interest in the 2,700-hectare Don Gregorio copper-gold-molybdenum property. The other 40 per cent is held by Candente Copper Corp. (DNT: $0.095). In 2011, Candente spun off Don Gregorio into a new public company, Cobriza Metals Corp. This stock traded up to 60 cents in its first few days but quickly declined. Cobriza spent most of its time between 12 and 24 cents. In 2013, Candente acquired Cobriza. Candente, which has been focusing on another Peruvian property called Canariaco, has since traded between two and 31.5 cents. It optioned Don Gregorio to Plan B in 2017. At the time, the property had seen little drilling, specifically 1,642 metres in 12 holes.

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