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Shell Summary for June 3, 2021

2021-06-03 19:52 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 3.68 points to 969.86 Thursday. Wade Dawe and James Megann's shell, Battery Road Capital Corp. (BTRY: suspended), has revised the terms of its qualifying transaction and has identified the director nominees for its resulting issuer. The shell is acquiring E-Tech Kalapuse Mining Pty. Ltd., a Namibian rare earth elements (REE) explorer. Originally, the shell was going to issue 11,111,111 shares to E-Tech's shareholders. Now, the shell will split its shares 2 for 1, leaving it with 25,971,500 shares issued, then it will issue 36,666,667 shares to its target's shareholders and creditors. Among those creditors are Mr. Dawe, Mr. Megann and their associates, who have lent $1.09-million in total to E-Tech and who will receive a combined 10.5 million shares of the resulting issuer in exchange for their debentures.

E-Tech's REE property in Namibia is called Eureka. Its main target elements are neodymium and praseodymium, which are used in electric vehicle motors and wind turbine generators. E-Tech has conducted drilling and metallurgical testing at Eureka, and it is now preparing a resource estimate. We should learn more about the property, as well as the company, when the shell submits a QT filing statement. In the meantime, to raise money for the resulting issuer, the shell is selling a $2-million to $5-million private placement at 25 cents (postsplit).

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