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by Stockwatch Business Reporter
The TSX Venture Exchange fell 1.55 points to 682.34 Monday. Kurt Bordian's NEX shell, Palo Duro Energy Inc. (PDE), and Frank Giustra's NEX shell, Tapango Resources Ltd. (TPA), will ask their shareholders at separate meetings on July 15 to approve a deal structured such that Palo Duro will acquire John Proust's CarbonOne Technologies Inc. and then immediately afterward it will acquire Tapango, after which Palo Duro will change its name to CarbonOne Technologies Inc. Palo Duro first began planning a reverse takeover of CarbonOne last year. The shell will contribute about $250,000 cash to the treasury of CarbonOne in connection with closing the deal. Tapango, another shell, joined the Palo Duro-CarbonOne deal in May, 2015, and will contribute about $565,000 cash. CarbonOne is an industrial company with a 40,000-square-foot manufacturing facility in Buffalo, N.Y., where it hopes to produce ceramic composite materials as replacements for wood, metal, concrete and plastic. So far, CarbonOne has generated no revenue from its operations.
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