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by Stockwatch Business Reporter
The TSX Venture Exchange
slipped a fraction to 538.63 Wednesday. Peter McKeown's first capital pool shell, MG Capital Corp. (MGX: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of a B.C. mining junior called DLP Resources Inc. The shell, which has 5.51 million shares issued, will issue 43,123,131 shares to its target's shareholders. DLP's shareholders include the subscribers to a private placement that it closed last month: DLP sold $980,000 worth of non-flow-through shares at 10 cents and $172,007 worth of flow-through shares at 13 cents. DLP and MG Capital expect to close the QT next week.
DLP Resources was formed only five months ago. In July, it acquired two properties: Aldridge and Redburn. Aldridge, the company's main property, covers 4,770 hectares and is located 80 kilometres south of Cranbrook. It is a lead-zinc-silver property. DLP acquired it from its three former owners: James Stypula, Robin Sudo and David Pighin. They each received 3,555,555 DLP shares, which will convert into the same number of shares of the resulting issuer. The other property, Redburn, also called Redburn Creek, covers 5,360 hectares and is located 15 km northeast of Golden. It is a copper-cobalt property. Its former owner, Derek White, received 3,555,555 shares of DLP in exchange for the property.
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