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by Stockwatch Business Reporter
The TSX Venture Exchange lost 4.13 points to close at 743.22 Thursday. Joel Freudman's first capital pool shell, Holly Street Capital Ltd. (HSC: halted), plans to acquire a mining junior, Southern Sky Resources Corp., for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 3,755,000 shares issued, then issue 20.5 million shares to its target's shareholders.
Southern Sky has a five-year option to acquire a 75-per-cent interest in Project X, a 584-hectare gold property in western Colombia. The optionor is an unidentified private Colombian company. In 1997 and 1998, a previous operator drilled 14 holes at Project X. Assays included 18.9 metres of 3.56 grams per tonne gold, 451 metres of 0.7 g/t gold and 157 metres of 0.95 g/t gold. Southern Sky is now conducting mapping and sampling, and it is planning a geophysical survey. It is also working on a technical report. On closing of the QT, the optionor will receive 50,000 shares of the resulting issuer.
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