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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 13.72 points to 794.26 Thursday. Darryl Levitt's halted capital pool shell, Vector Resources Inc. (VCR), plans to acquire Razor Energy Corp. for the shell's qualifying transaction. Vector, which has 3,736,221 shares issued, will issue 200,008,254 shares to Razor's shareholders. Afterward, Vector will roll back 1 for 20, which would leave it with 10,187,223 postconsolidated shares issued. Razor Energy's directors and senior officers currently hold 49.6 per cent of its shares. On closing of the QT, they will hold 48.6 per cent of the resulting issuer.
Razor is in the process of acquiring oil and gas interests in the Swan Hills/Beaverhill Lake area of central Alberta, from an unnamed public company. The seller is probably Scott Saxberg's Calgary-based Crescent Point Energy Corp. (CPG: $18.00), which has interests in Swan Hills/Beaverhill Lake but is focusing on its properties in Saskatchewan, North Dakota and Utah. Razor Energy will pay $15-million cash for its target assets. To finance the acquisition, it plans to sell $30-million worth of secured notes to one lender. Razor and the lender have not yet set the terms of the financing. As a condition for closing Vector's QT, Razor must raise at least $20-million.
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