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by Stockwatch Business Reporter
The TSX Venture Exchange added 3.60 points to close at 754.69 Tuesday. Adam Spencer's first capital pool shell, Schooner Capital Corp. (SCH: suspended), plans to acquire 1201361 B.C. Ltd. for the shell's qualifying transaction. The target owns the 420-hectare Ponderosa gold property located 16 kilometres southwest of Merritt, B.C. The shell, which has 4.75 million shares issued, will issue 7,147,408 shares to its target's shareholders.
A previous operator at Ponderosa conducted a trenching program that yielded 3.6 grams per tonne gold over seven metres and 1.92 g/t gold over 14 metres. The operator then conducted a drill program, but it failed to hit mineralization. Ponderosa's current owner, 1201361 B.C., has been performing exploration work at the property since last year. It has collected samples yielding up to 7.54 g/t gold. The company has so far identified four near-surface drill targets.
1201361 B.C. has no money for a drill program. It had $30,200 in the bank on March 31. In connection with the QT, Schooner Capital is raising up to $2-million at 10 cents. The resulting issuer will spend at least $1-million on exploration, including drilling.
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