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by Stockwatch Business Reporter
The TSX Venture Exchange gained 1.68 points to close at 627.38 Wednesday. Wade Nesmith's second capital pool shell, Creation Capital Corp. (CRN: halted), has signed a definitive deal to acquire Greenlane Biogas North America Ltd. for the shell's qualifying transaction. The total acquisition price is 11.1 million pounds sterling, comprising 1.2 million to four million pounds in cash, two million pounds worth of shares at 20 cents (yes, cents, not pence) and the remainder as a promissory note. To raise money for the resulting issuer, Creation Capital is selling a $6-million private placement at 20 cents. It previously aimed to raise at least $10-million.
Greenlane sells three kinds of products for upgrading biogas, which is fermented organic waste, into high-purity biomethane or renewable natural gas, which may then be used as vehicle fuel or to produce electricity. Greenlane was founded in 1986 in New Zealand. In 2009, it opened an office in Vancouver. In 2014, Greenlane was acquired by Pressure Technologies PLC, a British manufacturer of steel cylinders, industrial valves and other machine components.
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