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by Stockwatch Business Reporter

The TSX Venture Exchange climbed 8.80 points to 720.17 Thursday. John Proust's shell graduate, Carbonone Technologies Inc. (CX), a manufacturer of rustproof rebar and composite panels, is halted pending the acquisition of TekModo. The target is an Indiana company that makes and sells composite panels for use in recreational vehicles, trailers and buses. Carbonone, which has 80,771,427 shares issued, will issue 52,762,839 shares and pay $911,980 (U.S.) to TekModo's unitholders.

Carbonone, which does not yet generate revenue, had a working capital of only $17,002 on March 31. It has since raised $450,000 in a convertible debenture financing. It is still selling convertible debentures and hopes to raise another $550,000. Carbonone and TekModo expect to close their deal by July 29.

Carbonone went public in July, 2015, through two NEX shells: Kurt Bordian's Palo Duro Energy Inc. and Frank Giustra's Tapango Resources Ltd. Mr. Bordian's Palo Duro rolled back 1 for 4, which left it with 8,054,606 postconsolidated shares issued, then it issued 61,501,788 postconsolidated shares to the holders of Mr. Proust's then-private Carbonone. Palo Duro also issued 11,215,033 postconsolidated shares to the holders of Mr. Giustra's Tapango, in exchange for Tapango's contribution of about $1.24-million in cash and short-term investments. Having acquired the other two entities, Palo Duro then changed its name to Carbonone Technologies.

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