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by Stockwatch Business Reporter

The TSX Venture Exchange declined 2.43 points to 704.30 Monday. Jeremy Ford's NEX shell, Clear Gold Resources Inc. (CFA), has signed a definitive agreement to acquire Vincent Cummings's Whale Shark Environmental Technologies Ltd. The shell will ask shareholders at an April 23 meeting to approve the deal, which it hopes to close by April 30. It had previously hoped to complete the acquisition by Jan. 15, but the shell appears to have had trouble finding enough investors for a $1.5-million private placement.

Clear Gold will roll back its shares 1:2 and then acquire Whale Shark by paying $875,000 cash and issuing five million postconsolidated shares. The shell has already paid a non-refundable deposit of $125,000 and lent $40,000 to the target. Clear Gold will resume trading under the name of its target if the acquisition closes. Whale Shark has built a machine that cleans hulls of freighters and other ocean vessels. The company says one machine can complete a job in one day. It anticipates building eight of its contraptions in 2015, with plans to sell four and find joint venturers to use the remaining four on a profit-sharing basis. The asking price of a Whale Shark machine is $500,000 and the company claims to have already found two "quasi-pilot" customers, which will allow the company to create a proper training and customer support manual. Although Whale Shark has not disclosed the name of its customers, it has said where they operate. One of them is at the Long Beach port in California, and the other is in Busan, South Korea. Materials to build a Whale Shark hull-cleaning machine cost $250,000 plus $10,000 for assembly.

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