Northwire Canada EditionTuesday, November 3, 2026
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Gold 3,969.60 +1.8% Silver 50.89 +3.3% Copper 6.54 +0.9% Oil 96.46 −7.4% Palladium 962.50 −2.5% QRO 0.030 +0.0% PGC 0.030 +0.0% SASK 0.840 −2.3% GIGA 0.050 +0.0% WDO 26.12 +2.2% ERO 40.76 +0.2% BIRD 0.160 −13.5% ODV 3.20 −1.8% FVI 12.72 +3.1% SRI 0.015 + BTR 0.125 +4.2% NVO 0.065 +8.3% BTT 0.110 +4.8% MUX 19.55 +0.8% SCD 0.150 +0.0% PPX 0.220 +0.0% Gold 3,969.60 +1.8% Silver 50.89 +3.3% Copper 6.54 +0.9% Oil 96.46 −7.4% Palladium 962.50 −2.5% QRO 0.030 +0.0% PGC 0.030 +0.0% SASK 0.840 −2.3% GIGA 0.050 +0.0% WDO 26.12 +2.2% ERO 40.76 +0.2% BIRD 0.160 −13.5% ODV 3.20 −1.8% FVI 12.72 +3.1% SRI 0.015 + BTR 0.125 +4.2% NVO 0.065 +8.3% BTT 0.110 +4.8% MUX 19.55 +0.8% SCD 0.150 +0.0% PPX 0.220 +0.0%
Financings Routine +

Ankh II Capital to acquire Bell Lake VMS project

Pre-revenue TSX-V shell pivots to Ontario VMS exploration via Bell Lake acquisition and $800k raise

By The Northwire Desk — AI Analysis Jun 09, 2026 · 16:43 AUNK Ankh II Capital Inc
Executive Summary
  • Ankh II Capital Inc. (TSX-V) has entered a definitive agreement to acquire 100% of the Bell Lake VMS property in Northwestern Ontario from 1367881 B.C. Ltd. (Privco).
  • The transaction is structured as a qualifying transaction to satisfy TSX-V Tier 2 listing requirements, executed via a three-cornered amalgamation or share exchange.
  • Consideration consists of 10,000,000 common shares issued to Privco shareholders at a deemed price of $0.06 per share (1:1 exchange ratio).
  • A concurrent non-brokered private placement will raise between $500,000 and $800,000 at $0.08 per unit (1 share + 1 warrant exercisable at $0.20 for 2 years).
  • Chris Farnworth and Geoffrey Balderson have been appointed CEO and CFO, respectively.
  • The Bell Lake property spans 1,931 hectares across 30 mining claims in the Sturgeon Lake mining camp, adjacent to First Quantum/Glencore’s past-producing Sturgeon Lake mine.
  • Historical drilling indicates potential for Cu, Au, and Ag, with down-dip exploration potential remaining largely untested beneath 200m.
  • Trading in Ankh II common shares is halted pending TSX-V approval and closing conditions.
Material Impact
  • This announcement represents a standard qualifying transaction for a Capital Pool Company (CPC), transitioning the entity from a shell to an active exploration company.
  • The issuance of 10,000,000 shares at $0.06 and the $0.08 unit pricing introduce significant dilution, increasing the share count from ~6.04 million to over 16 million post-close.
  • The $500k-$800k raise provides immediate working capital and exploration funding, which is necessary but modest for a VMS property.
  • The halt in trading introduces near-term liquidity risk and execution uncertainty until regulatory and shareholder approvals are secured.
  • The strategic pivot to a known mining camp (Sturgeon Lake) provides a geological narrative that may attract exploration-focused capital, but the asset remains unproven without current resource estimates.
AUNK · Price
Company Overview
  • Ankh II Capital Inc. is a TSX-V listed Capital Pool Company incorporated on August 23, 2022.
  • The company has no commercial operations or significant assets prior to this proposed acquisition.
  • Its primary corporate purpose is to identify and complete a qualifying business combination to satisfy TSX-V listing requirements.
  • The company previously attempted to acquire Epiphany Power Corp. (terminated September 26, 2025) before pivoting to the Bell Lake VMS project.
Read the original news release →