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by Stockwatch Business Reporter
The TSX Venture Exchange slipped 2.57 points to 908.35 Thursday. For its qualifying transaction, James Pettit's Tri Capital Opportunities Corp. (TCAP: halted) is acquiring an 80-per-cent interest in the 6,500-hectare Pine Channel gold property in Saskatchewan from Eagle Plains Resources Ltd. (EPL: $0.165). The shell must pay $25,000 and issue 200,000 shares to close the QT. Over the next four years, the resulting issuer must pay $125,000, issue 1.8 million shares and spend $3-million on exploration.
Previous operators drilled up to 408 grams per tonne Au over 0.5 metre at Pine Channel. In 2019, Eagle Plains sampled 77.5 g/t Au. It has since tried and failed twice to option the property, first to the now-delisted Enertopia Corp. and then to a private B.C. entity, Amaroq Gold Corp. Eagle Plains has seven other Canadian mining properties under option to other companies.
Tri Capital is raising $500,000 at 10 cents. Its resulting issuer will trade as Apollo Minerals Ltd. (APMI), pending TSX-V approval. The shell's six directors will all remain on Apollo's board. They are Mr. Pettit, Timothy Fernback, Simon Dyakowski, Jordan Trimble, Riley Trimble and Nick Findler. Mr. Pettit will continue as the chief executive officer.
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