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 gained 4.94 points to 654.26 Wednesday. Brad Docherty and Eli Abergel's suspended capital pool shell, Exito Energy II Inc. (EXI), has cancelled its acquisition of Michael Heier's private Calgary oil and gas services company, Millennium Stimulation Services Ltd. There was no word from Exito on the reason, but Millennium Stimulation's decision to lay off most of its employees and file for receivership undoubtedly put a damper on the deal.

Exito now plans to acquire Magnetic North Partners Inc. for its qualifying transaction. The parties have not yet announced the terms of the deal. Magnetic North is an investment company in Calgary. Its directors are Andrew Osis, Kevin Spall, Ed Alfke and Stuart Hensman. The first two, Mr. Osis and Mr. Spall, are the managing partners at Magnetic North. Mr. Osis is also a director of Western Canadian oil and gas producer Delphi Energy Corp. (DEE: $1.18), and a managing partner at Poor Dog Entertainment Inc., a private media distribution company that expects to "produce and release its first three projects in the near term." Previously, Mr. Osis was the chief executive officer of mobile app developer Poynt Corp. (formerly called Multiplied Media Corp.), which peaked at 30 cents on the TSX-V in February, 2010. Unfortunately for shareholders the chart went steeply downhill from there, until Poynt filed for creditor protection in July, 2012. Earlier in his career, Mr. Osis was a vice-president of investment banking at RBC Dominion Securities Inc. from July, 1999, to June, 2001.

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