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Shell Summary for Jan. 8, 2021

2021-01-08 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 18.36 points to 896.71 Friday. Ben Cubitt's 9 Capital Corp. (NCPL: suspended) plans to acquire a Canadian mining junior, Churchill Diamond Corp., for the shell's qualifying transaction. The shell will roll back 1 for 1.7, leaving it with 7,012,059 shares issued, then issue 24,576,550 shares to its target's shareholders.

Churchill has been trying to go public for at least five years. Its most recent attempt was in 2019, when it arranged a deal with Western Troy Capital Resources Inc. (WRY: $0.15). That deal fell through in May, 2020, after Churchill failed to raise $2-million at 25 cents. It later managed to raise $528,000 at 25 cents and $222,500 at 30 cents. Now, in connection with its going public through 9 Capital, Churchill plans to raise $1-million to $1.5-million at 25 cents.

Churchill's properties include the Pelly Bay diamond property in Nunavut and the White River diamond property in Ontario. In the 2000s, Diamonds North Resources Ltd. spent more than $20-million at White River, but it failed to yield enough diamonds. Diamonds North is now a part of Adamera Minerals Corp. (ADZ: $0.10), which is focusing on gold in Washington State.

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