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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 670.51 Monday. Tim Fernback's shell, Golden Virtue Resources Inc. (GVR), is searching for investors to close a private placement of 15 million subscription receipts at 20 cents so it can complete its reverse takeover of Nick Murray's MobSafety Inc.

Golden Virtue, which has 9,888,710 shares outstanding, will issue 16,054,457 shares to the shareholders of MobSafety and then take on the name of its target. MobSafety, founded in 2011, designs asset-monitoring software for companies that want to monitor their employees closer. One of the products, SmartFleet, enables companies to install software in their vehicles and then monitor locations and driving behavior. Although MobSafety has had negligible revenue so far, it plans to target companies with fewer than 1,000 employees that operate in the mining, transportation and logistics, and health care sectors. It will charge between $20 and $25 per car per month for the use of its service. There are competitors with similar products, including TSX-V-listed BSM Technologies Inc. (GPS: $1.19) and the much larger New York Stock Exchange-listed Fleetmatics Group PLC (FLTX: $46.01 (U.S.)).

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