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Shell Summary for Oct. 29, 2020

2020-10-29 20:50 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 9.21 points to 687.14 Thursday. Stuart Olley's first shell, Cassowary Capital Corp. Ltd., has closed its qualifying transaction, a mining deal. Its resulting issuer listed today as Western Gold Exploration Ltd. (WGLD). It traded 3,000 shares at 45 cents. It owns two gold-copper properties in Scotland. In connection with the QT, the shell raised $1.7-million at 37.5 cents, enough to allow for an exploration program, albeit a very modest one.

The executive chairman of Western Gold is Harry Dobson, 72, of Monaco. He is a mining promoter, a former broker and a former co-owner of the Manchester United Football Club. His Ontario gold miner, Kirkland Lake Gold Inc., peaked at $21.31 in 2011. He left Kirkland Lake in 2015. It later merged with Newmarket Gold Inc. to form Kirkland Lake Gold Ltd. (KL: $60.41).

The chief executive officer of Western Gold is Ross McLellan, 52, of Edinburgh. He co-founded Scotgold Resources Ltd., a Scottish gold-silver explorer that trades on the Alternative Investment Market in London. While he was there, from 2010 to 2017, Scotgold fell to 50 pence from seven pounds sterling.

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