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by Stockwatch Business Reporter
The TSX Venture Exchange lost 1.64 points to 780.08 Monday. John Varghese's halted capital pool shell, Nobelium Tech Corp. (NBL), has dropped its qualifying transaction with Viziya Corp., an enterprise software company in Hamilton, Ont. The shell was going to acquire Viziya for $20.4-million (U.S.) cash and $710,000 (U.S.) worth of shares. Depending on unspecified performance goals, Nobelium might have needed to pay another $12.89-million (U.S.) in cash and shares. To finance the acquisition, the shell had intended to raise $35-million by equity and debt financing.
Nobelium did not say why the acquisition was called off, but Viziya is now being acquired by the patent licensing company Wi-LAN Inc. (WIN: $2.24). Wi-LAN will pay about $24.3-million cash on closing, then up to $16.2-million more depending on undisclosed financial targets. It has enough cash to cover the $24.3-million payment now. Wi-LAN plans to change its name to Quarterhill Inc. next month and become a holding company focusing on Internet technology businesses.
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