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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.06 points to 482.61 Monday. Michael Blady's halted NEX shell, Greenock Resources Inc. (GKR), has received conditional TSX-V approval for its acquisition of Toronto tech company BeWhere Inc. Greenock has rolled back 1 for 1.75, which leaves it with 6,526,659 postconsolidated shares issued. It will issue 18,999,994 postconsolidated shares to the owners of BeWhere. The companies expect to close the acquisition by Jan. 29.

Greenock is selling a $1.5-million to $2-million private placement of 15-cent units, each comprising one postconsolidated share and one-half warrant, exercisable at 25 cents for three years. The shell will use the proceeds for acquisition costs and other expenses, and to provide an initial working capital of about $174,000 to the resulting company. The private placees will include BeWhere's founders, Owen Moore and Chris Panczuk, who plan to subscribe for 500,000 units each.

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