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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.31 points to 884.96 Wednesday. Brian Presement's Sagittarius Capital Corp. (SCX) plans to acquire Israeli irrigation company Irri-al-Tal Ltd. as its qualifying transaction. In connection with the QT, Irri-al-Tal will need to close two unit financings, $600,000 at 25 cents and then $3-million to $5-million at 50 cents. Sagittarius needs to roll back 1 for 2.99, then issue 43.9 million postconsolidated shares to Irri-al-Tal holders. Until now, the target has had only one shareholder, Omar Haber, who started the company in 2004.

Mr. Haber now has 14 employees helping him build smart irrigation and water systems around the world. Several of the company's projects are in dangerous countries. It has worked on a banana plantation in Laos, a fish farm in Nigeria and vegetable farms in Georgia. Currently, Irri-al-Tal has several projects in Ethiopia, a country not known for its safety. It is in need of irrigation, especially during its dry season. There, Irri-al-Tal is helping local farmers grow mangoes, tomatoes and sugar cane year round. It is also helping French vintner Castel Group grow grapes. Castel, which was invited to do business by a former prime minister, produces a range of dry Ethiopian reds and sweet Ethiopian whites to pair with local cuisines such as doro wat (chicken stew) and asa tibs (sauted cod).

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