This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 692.06 Tuesday. Harley Sinclair's capital pool shell, Anergy Capital Inc. (ACA), has finally completed its qualifying transaction by launching Karl Kenny's marine technology company, Kraken Sonar Inc. (PNG), which started trading today, closing at 15 cents on 70,000 shares over nine trades.

Anergy, which went public four and half years ago at 10 cents, rolled back its shares 1:2.25 and then issued 65,563,326 postconsolidated shares to the shareholders of Kraken. Mr. Kenny, Kraken's founder and a former officer of the Royal Canadian Navy, is the largest shareholder with 29,430,050 shares. Kraken, a Newfoundland company, designs and builds sonar systems for unmanned underwater vehicles that conduct surveys and undersea exploration. The company's products have been used to detect underwater mines for the military and find leftovers of shipwrecks in expeditions arranged by both the governments of Canada and Australia. This is Mr. Kenny's first time managing a public company. He spun off Kraken from his previous company, Marport Canada Inc., in 2012, just as Marport was heading into rough seas. Marport went into receivership in 2013. We reported on the Kraken deal in the Shell Summary for Feb. 11, noting that it lost $2,657 on revenue of $1.6-million in the nine-month period ended Sept. 30, 2014.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS