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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.72 points to 982.28 Thursday. Harley Sinclair's four-year-old capital pool shell, Anergy Capital Inc. (ACA), plans to acquire Kraken Sonar Systems Inc. as its qualifying transaction. The target designs, builds and sells sonar and acoustic sensors for unmanned underwater vehicles used by the military or large companies, usually commercial fisheries or oil and gas explorers, for surveying and undersea exploration. Kraken had planned to go public through Leis Industries Ltd. (LES: $0.15) earlier this year, but that agreement sank last week and Kraken has now surfaced with a similar plan to go public through Anergy.

The shell will roll back its shares 1:2.25, leaving Anergy with 2,116,000 shares outstanding, and then issue 51.5 million postconsolidated shares at a deemed 15 cents a share to Kraken shareholders. Karl Kenny, a Newfoundland businessman, founded Kraken in September, 2012. He is a former officer of the Royal Canadian Navy who has co-founded several tech companies, including Telepix Imaging Inc., which he sold in 1999. Four years later, he co-founded Marport Canada Inc., where he was president until 2011. In September, 2012, he spun off Marport's sonar technology and formed Kraken Sonar. The following year, in October, 2013, Marport went into receivership.

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