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Shell Summary for Sept. 22, 2015

2015-09-22 21:13 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.42 points to 541.34 Tuesday. Darryl Levitt's halted capital pool shell, Vector Resources Inc. (VCR), plans to acquire Tectonica Australia Pty. Ltd. as its qualifying transaction.

The shell will issue shares to the shareholders of Tectonica such that the target's shareholders will own 96.25 per cent of Vector when the QT closes. The companies have agreed to value Tectonica at $12-million (U.S.), subject to due diligence. Tectonica sells portable power systems (such as fuel cells), surveillance systems and counter-IED (improvised explosive devices) software to governments, usually their military defence and law enforcement agencies. The 13-year-old company, with an office in West Melbourne, Australia, has not yet provided its financials, but those should arrive shortly because the companies anticipate closing this QT by Nov. 15. Vector has also agreed to sell a $5-million (U.S.) private placement before completing the deal.

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