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by Stockwatch Business Reporter
The TSX Venture Exchange slipped a fraction to 621.61 Thursday. Martin Burian's first capital pool shell, Canvass Ventures Ltd. (CVS: halted), plans to acquire Nanalysis Corp., a Calgary company that manufactures and sells magnetic-resonance spectrometers under the brand name NMReady. The shell will roll back 1 for 4, leaving it with 2,277,500 shares issued, then issue 47,811,530 shares to its target's shareholders. Before the deal can close, the shell must sell a $3-million to $4-million private placement at 60 cents. The proceeds will finance international marketing and sales of the NMReady products.
Nanalysis was formed in 2009. It has since sold its products in 40 countries. In 2017, it earned $1.24-million on revenue of $7.67-million. The company explains that its portable, desktop spectrometers (which it always refers to as "bench-top" spectrometers) are smaller, lighter, easier to use and cheaper than other magnetic-resonance spectrometers in the market. Among its target customers are universities as well as biotech, chemical, oil and gas, pharmaceutical and food companies, in other words, companies that perform spectroscopy tests.
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