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Shell Summary for Oct. 15, 2020

2020-10-15 20:38 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 6.26 points to 727.38 Thursday. Damian Lopez's first capital pool shell, Wolf Acquisition Corp. (WOLF: suspended), plans to acquire Frontera Gold Corp. and CX One Inc. for the shell's qualifying transaction. This is a Nevada gold deal. The shell will split its shares 1.2 for 1, leaving it with 11,736,000 shares issued, then it will issue 35,138,800 shares to Frontera's shareholders and 35,056,700 shares to CX One's shareholders. The resulting issuer will be called Bald Eagle Gold Corp. or Bald Eagle Corp.

Frontera is spending $670,000 (U.S.) to acquire a 50-per-cent interest in the 4,813-hectare Hot Springs gold property in Nevada. Previous operators conducted a combined 8,175 metres of drilling at Hot Springs between 1985 and 2007. Assays included 82.3 metres of 0.8 gram per tonne gold (including 1.5 metres of 32.5 g/t gold) and 13.7 metres of 1.2 g/t gold. These results were from less than 84 metres depth. Frontera and CX One plan to begin a drill program at Hot Springs in December. They have enough money to spend on that program, primarily because CX One has $1.6-million in the bank right now. In any case, before the QT can close, CX One must raise $1.5-million. Financing terms are not yet available.

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