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by Stockwatch Business Reporter
The TSX Venture Exchange fell 10.48 points to 643.29 Monday. Mark Orsmond's second capital pool shell, Movarie Capital Ltd. (MOV), plans to acquire the assets of Paradigm Environmental Technologies Inc. as its qualifying transaction. The shell has found the deal with no time to spare; its 24-month QT deadline arrived today. The company will have about 90 days to close the deal, after which it will have to transfer to the NEX and cancel half the escrow position.
Movarie will pay $750,000 and issue three million shares to Wolrige Mahon Ltd., an accounting firm in Vancouver that became the receiver of Paradigm Environmental last June. Wolrige will then presumably distribute the cash and shares to Paradigm's creditors, less its fees of course. Last June, Wolrige audited Paradigm's assets and valued them at $1.08-million, including $65,000 in cash and inventory valued at $701,000. There are four secured investors owed a combined $1,108,155, one of whom is Mahmud Motani, a former analyst at Chemical Bank who is owed $446,577.50 and is left to explain to himself where his analysis went awry. The other secured creditors are BC Discovery Fund (VCC) Inc., a venture capital company in Vancouver owed $546,477.50, McGavin Properties Ltd., a Vancouver property management company owed $50,000, and Blue Fog Capital LLC, a venture capital company in San Francisco owed $65,000. The accounting firm also has a list of 31 unsecured creditors owed a combined $169,361.
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