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by Stockwatch Business Reporter
The TSX Venture Exchange fell 6.66 points to 912.76 Monday. Kevin Russell and Randy Clifford's halted capital pool shell, Wise Oakwood Ventures Inc. (WOW), plans to acquire Phoenix Coal Investments Ltd. as its qualifying transaction.
The shell will issue nearly 300 million shares at a deemed 15 cents a share, valuing the target at $40-million (U.S.). Phoenix Coal, a private company incorporated in the British Virgin Islands, owns interests in coal assets in South Africa. The shell does not disclose who owns the offshore company or who will receive the hundreds of millions of shares, but that information should arrive when the two companies sign a definitive agreement. One part of this deal that has already been agreed upon is the sale of the shell's two million escrow shares. Incoming Phoenix Coal insiders will acquire all the escrow shares at 10 cents for a total of $200,000, double the cost paid by the founding escrow shareholders.
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