Inomin Mines Inc. announced in a news release that it has acquired 100% interest in a “King’s Point Gold, Copper & Zinc Property”. This “property” is 129 claims covering 3,225 hectares in two separate blocks.
It was acquired as a Qualifying Transaction on the TSX Venture Exchange. The TSX Venture Exchange has a unique ‘Capital Pool Company’ program. Within this program, a minimum of three people can incorporate a shell company, known as a Capital Pool Company. Then shares are issued in exchange for seed capital. Within 24 months, the Capital Pool Company must identify and see through a business transaction as a Qualifying Transaction to lose the Capital Pool designation and trade as a regular TSX Venture listed company. For Inomin Mines, the Transaction is the property near King’s Point.
Inomin Mines Inc. is a “new mineral exploration and development company” out of Vancouver, British Columbia. It is run by a group of individuals “with strong capital markets experience” and it very recently changed its name from Inovent Capital.
When the company was known as Inovent, its Qualifying Transaction was planned and intended to be an amalgamation agreement with an aspiring airline, Canada Jetlines, but the airline later pulled out of the deal. A settlement between the two parties was announced on September 3, 2015 and Inovent later turned its eye to the area near King’s Point.