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by Stockwatch Business Reporter
The TSX Venture Exchange fell 1.10 points to 680.33 Monday. Darryl Levitt's three-year-old capital pool shell, Vector Resources Inc. (VCR), plans to acquire Ontario Graphite Ltd. as its qualifying transaction.
Vector will structure the all-share purchase deal such that the shareholders of Ontario Graphite will own approximately 98.73 per cent of the company when the deal closes, leaving Vector's shareholders with 1.27 per cent. The SphereInvest Special Situations Fund acquired a controlling position in Ontario Graphite in 2007. The fund, managed by a Miami investment company, has three of its executives on the board of Ontario Graphite: Keith Day, Jesse Rodriguez and Joseph Strubel, all finance men who have experience in portfolio management or banking. Last year, Ontario Graphite appointed Tom Bowkett as its chief executive officer, and he will take over as CEO of Vector if this QT closes. Before joining Ontario Graphite, Mr. Bowkett was a vice-president for four years at SGL Group, a profitable chemical manufacturer in Germany that employs more than 5,000.
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