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Shell Summary for April 21, 2014

2014-04-21 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.56 points to 997.21 Monday. Andrew DeFrancesco's NEX shell, NXA Inc. (NXI), plans to acquire Ontario Graphite Ltd., a private mining company that plans to recommission the former producing Kearney graphite mine in Ontario.

The shell does not yet say how many shares it will issue to the target's shareholders, but following the deal a group of private equity companies, including the SphereInvest Group, will have control over NXA, which will change its name to Ontario Graphite (Canada) Ltd. The SphereInvest Special Situations Fund acquired a controlling position in Ontario Graphite in 2007. It has three directors on the target's board, Keith Day, Jesse Rodriguez and Joseph Strubel, all with a background in finance. According to the target's PR representative, Edelman Public Relations, Ontario Graphite plans to sell a $50-million private placement in connection with the deal so that the company can reach production. Edelman also said that since 2005, Ontario Graphite has spent nearly $50-million on development. There is already a processing mill at the site from when the mine was previously in production in the early 1990s.

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