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Shell Summary for Sept. 4, 2020

2020-09-04 20:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.34 points to 733.69 Friday, but it ended the week down 11.62 points. Praveen Varshney's capital pool shell, Bluerock Ventures Corp. (BCR: halted), plans to acquire an Ontario gold explorer called Tombill Mines Ltd. for the shell's qualifying transaction. Bluerock will split its shares 4 for 3, leaving it with 10,133,333 shares issued, then issue 93.22 million shares to Tombill's shareholders.

Tombill's main property is called Tombill Mines Main Group. It is located in Greenstone, Ont., three hours northeast of Thunder Bay. The last drill program at the property was completed in 1950. Now, the company plans to conduct a four-month, $4.5-million exploration program, which will include drilling. Before the QT can close, Tombill must sell a $6.5-million private placement at 15 cents. Its lead agents are Beacon Securities Ltd. and Eight Capital Inc.

The president of Tombill is Adam Horne, 57. He manages a company in London, England, called Caledon Capital Partners LLP, which he refers to as a hedge fund. Previously, he led the European media investment banking group at Credit Suisse First Boston in London. He also spent two years as a broker at Fairfield Greenwich (U.K.) Ltd., and he worked at Morgan Stanley in New York. He grew up in Ontario.

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