This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 690.22 Wednesday. Harley Sinclair's halted capital pool shell, Anergy Capital Corp. (ACA), expects to complete its acquisition of Kraken Sonar Systems Inc. on or about Feb. 18.

Anergy will roll back its shares 1:2.25, leaving it with 3,893,777 postconsolidated shares, and then issue 65,563,333 postconsolidated shares to the shareholders of Kraken, after which the shell will change its name to Kraken Sonar Inc. The company designs and builds sonar systems for unmanned underwater vehicles that conduct surveying and undersea exploration. It builds its products at a facility in Newfoundland, and it is approaching profitability. Kraken lost $2,657 on revenue of $1.6-million in the nine-month period ended Sept. 30, 2014, compared with a loss of $162,122 on revenue of $399,884 in the nine-month period ended Sept. 30, 2013. Customers include Lockheed Martin Corp. (LMT: $196.31), DeepOcean AS, the Australian government and the Canadian government. Last summer, Defence Research and Development Canada attached Kraken's AquaPix INSAS sonar system to an autonomous underwater vehicle, Arctic Explorer, in an expedition that discovered the HMS Erebus, a ship from Sir John Franklin's 1845 Arctic expedition that failed to find the Northwest passage from the Atlantic Ocean to Asia.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS