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by Stockwatch Business Reporter

The TSX Venture Exchange started the shortened trading week with a 24.05-point decline to 803.08. Harley Sinclair's halted capital pool shell, Anergy Capital Inc. (ACA), hopes to complete its acquisition of Kraken Sonar Systems Inc. by the end of 2014.

The shell will roll back its shares 1:2.25, leaving it with 3,893,777 postconsolidated shares, and then issue 51.5 million postconsolidated shares at a deemed price of 15 cents each to the shareholders of Kraken. The target, which makes sonar and acoustic sensors for unmanned water vehicles, has already closed a $2.1-million convertible bridge loan since last month when it signed a letter of intent to go public through Anergy. The loan will convert into units at a deemed 15 cents each once the qualifying transaction closes. The two companies plan to upgrade to a definitive agreement by the end of the month. Kraken's technology includes a device that can take high-resolution 3-D pictures in cold, deep waters. The company's equipment is attached to the Canadian government's autonomous underwater vehicle, Arctic Explorer, which last month discovered the HMS Erebus, one of the ships from Sir John Franklin's ill-fated 1845 Arctic expedition to find the Northwest passage from the Atlantic Ocean to Asia. That is just the sort of news that should help a new public company.

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