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Shell Summary for May 7, 2021

2021-05-07 20:49 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 11.21 points to 954.98 Friday. Norman Eyolfson's third shell, CT Developers Ltd. (DEV), has closed its qualifying transaction, which was the acquisition of Magna Mining Corp. The shell rolled back 1 for 4, leaving it with 1,884,611 shares issued, then it issued 44,069,049 shares to Magna's shareholders.

Magna owns the Shakespeare nickel-copper-PGM (platinum group metals) property near Sudbury. Drilling from 2018 included 67.6 metres of 0.4 per cent Ni and 0.4 per cent Cu. To raise money for further exploration, Magna has sold $7-million worth of shares at 40 cents.

Jason Jessup will continue as the chief executive officer of the resulting issuer. He previously spent six years at Quadra FNX Mining Ltd., in positions including mine general foreman. He sits on the board of an Ontario gold junior, Ready Set Gold Corp. (RDY: $0.215). He holds 10.3 million shares or 16.2 per cent of the now-merged Magna-CT. The second-largest shareholder after him is Dundee Corp. (DC: $1.49), with 6.7 million shares or 10.6 per cent.

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