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by Stockwatch Business Reporter

The TSX Venture Exchange lost 4.92 points to 829.70 Monday. John Anderson's halted NEX shell, Dawson Gold Corp. (DYU), plans to acquire a British oil service technology company called FluidOil Ltd. The shell, which has 12,965,340 shares issued, will issue 100 million shares to its target's shareholders. Under the parties' letter of intent, the shell must also pay a refundable cash deposit of $200,000 (U.S.) and sell a $5-million private placement of shares at 25 cents. The resulting issuer will use the proceeds primarily to finance the development of its technology.

FluidOil is working on its "viscositor" heavy-to-light (VHTL) technology, which is meant to improve the properties of heavy oil by reducing viscosity, reducing density and removing contaminants. The technology would thereby produce a higher-value synthetic crude oil. It is supposed to be cheaper than alternative refining methods. FluidOil plans to build a commercial-scale demonstration plant for the VHTL technology, then find heavy oil producers that could become its customers. FluidOil acquired the VHTL technology last year from Robert Friedland's Ivanhoe Energy Inc., which went bankrupt and delisted from the Toronto Stock Exchange in 2015.

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