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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 20.35 points to 871.07 Tuesday. Ron Ho's first capital pool shell, the halted Spada Gold Ltd. (SPL), has completed its qualifying transaction, acquiring three gold properties in the Ivory Coast (see Shell Summary for Nov. 17, 2017). In connection with the QT, Spada raised $3.49-million at 25 cents. It will change its name to Awale Resources Ltd. and expects to resume trading on Jan. 8 under the new ticker symbol ARIC.
All three of the gold properties, Boudoukou, Abengourou and Odienne, came from Sandstorm Gold Ltd. (SSL: $6.32), where Mr. Ho is vice-president of finance. He has been with Sandstorm for the past nine years. Spada paid nothing up front. Instead, it arranged to pay Sandstorm $400,000 a year in cash or shares until the properties reach production. It must also pay fees of up to $3.5-million once it establishes a mineral resource and then$800,000 (U.S.) once it obtains a mining licence.
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