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by Stockwatch Business Reporter

The TSX Venture Exchange rose 7.03 points to 759.15 Monday. Mazen Haddad's NEX shell, Knowlton Capital Inc. (KWC: $0.14), has received conditional exchange approval for its acquisition of investment company Leni Gas Cuba Ltd. The shell and its target have also received approvals from their respective shareholders. Now, Leni Gas, which is incorporated in the British Virgin Islands, is awaiting final approval for the acquisition from the Eastern Caribbean Supreme Court.

Leni Gas's head office is in London, England. It is listed on the ISDX Growth Market and last closed at 1.55 British pounds sterling. It invests in, or forms joint ventures with, companies doing business in Cuba. To acquire Leni Gas, Knowlton Capital will roll back 1 for 1.27795529, leaving it with 36,445,328 postconsolidated shares issued, then issue 197.6 million postconsolidated shares to Leni Gas's shareholders.

Last month, Leni Gas acquired its eighth investment, a 10-per-cent interest in Phillip Oppenheim's Cuba Mountain Coffee Company Ltd. Leni Gas paid 27,300 British pounds sterling. On March 31, 2016, it had working capital of 1.37 million British pounds sterling. Cuba Mountain Coffee is an England-based company that sells coffee grown in Guantanamo. Its brand is called Alma de Cuba. Through its website, it sells its Alma de Cuba coffee at prices ranging from six British pounds sterling (for a 225-gram bag of whole or ground espresso beans) to 20 British pounds sterling (for a one-kilogram bag of whole gourmet coffee beans).

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