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 5.76 points to 789.40 Wednesday. Dev Randhawa's suspended capital pool shell, Wolfpack Capital Corp. (WLP), is targeting Albertan oil and gas assets for its qualifying transaction. The shell plans to acquire Hydrate Resources Corp., which holds an option to earn up to a 100-per-cent interest in the Bigoray oil and gas assets in west-central Alberta. To acquire Hydrate, Wolfpack, which has 3,499,000 shares issued, will issue 18,684,058 shares to Hydrate's shareholders. Wolfpack also plans to sell a $3.5-million to $5-million private placement to finance operating expenses and additional asset acquisitions. The shell has not yet set the terms of the private placement.

Hydrate Resources must pay $750,000 to its optionor to earn an initial 50-per-cent interest in the Bigoray assets. To acquire the remaining 50 per cent, Hydrate must cover $3-million of capital costs and pay another $4.25-million to the optionor by April 20, 2017. Hydrate was formed in May, 2015, by New Zealand geologist Drew Cadenhead and Calgary accountant Garth Johnson. Both men were directors and officers of TAG Oil Ltd. (TAO: $0.85) for at least 11 years, until they both resigned in February, 2015. They each held a number of positions at TAG, including chief executive officer -- Mr. Cadenhead from 2003 to 2007 and Mr. Johnson from 2007 to 2015. TAG Oil traded up to $1.70 in 2005, after which it fell to pennies. In 2009, it rolled back 1 for 5, then it made an impressive recovery, peaking at $11.12 in 2012, thanks to its Cheal oil wells in New Zealand.

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