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Shell Summary for July 22, 2014

2014-07-22 21:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 4.4 points to 1,010.88 Tuesday. Matthew Watson's halted capital pool shell, Way Ventures Corp. (WAY), plans to complete its qualifying transaction next week by acquiring UGE Holdings Ltd., a wind turbine company.

The shell will roll back its shares 1:5, leaving it with 1.12 million postconsolidated shares outstanding, and then issue approximately 9,155,977 postconsolidated shares plus 17 million convertible special warrants to the shareholders of UGE Holdings. The company says it is issuing the special warrants to comply with the TSX-V's initial listing requirement that issuers must have a public float consisting of 20 per cent of the total issued and outstanding shares. The holders of the special warrants will be able to convert their warrants into common shares at any time so long as at least 20 per cent of the new company's shares are held by public shareholders following the conversion.

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