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Shell Summary for Jan. 12, 2021

2021-01-12 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 13.28 points to close at 898.61 Tuesday. Michael Doyle's first capital pool shell, Richmond Road Capital Corp. (RRD: halted), plans to acquire an Argentine mining junior, Fredonia Management Ltd., for the shell's qualifying transaction. The shell will roll back 1 for 1.36, leaving it with 4,411,764 shares issued, then issue 109,006,378 shares to its target's shareholders.

Fredonia owns three gold-silver properties in Santa Cruz, Argentina. The main property, El Dorado-Monserrat (EDM), covers 6,200 hectares. Previous operators at EDM conducted 30,000 metres of drilling between 2004 and 2012. First, there was Aur Resources Inc., which owned two producing mines and several other exploration and development properties besides EDM. Aur did not release any assays from EDM, though it reported encountering "isolated occurrences of gold-silver mineralization" at the property in 2007. Years later, the operator at EDM was Samco Gold Ltd. (SGA: halted). EDM was Samco's main property. The company's EDM assays included 14.2 grams per tonne gold and 2,607 grams per tonne silver over 1.6 metres in 2011, as well as 23.8 g/t gold and 714 g/t silver over 1.15 metres in 2012. Follow-up assays were not as high, and Samco eventually shifted its focus to another Argentine property, called Corina. In 2017, Samco left the mining business altogether. It arranged a deal with a Dutch cannabinoid drug start-up in 2019, but the deal fell through last year. Samco's stock peaked at $1.45 in 2011, a marvellous year for the mining sector. Less than two years later, the stock was under 10 cents.

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