13:06:10 EDT Thu 28 Mar 2024
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Shell Summary for July 28, 2015

2015-07-28 21:12 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 5.25 points to 586.96 Tuesday. Yesterday, Kurt Bordian's NEX shell, Palo Duro Energy Inc., acquired Frank Giustra's NEX shell, Tapango Resources Ltd., and John Proust's CarbonOne Technologies Inc., after which Palo Duro changed its name to CarbonOne Technologies Inc. (CX). The company started trading today, closing at 20 cents on 108,000 shares. CarbonOne is an industrial company with access to facilities in Cleveland and Buffalo, where it hopes to produce ceramic composite materials as replacements for steel, wood, concrete and plastic.

Last year, Palo Duro started planning a reverse takeover of CarbonOne, and Tapango joined the deal last May, contributing a treasury of about $565,000. Palo Duro rolled back 1:4, leaving it with 8,054,606 postconsolidated shares, and then issued 11,215,033 postconsolidated shares to the shareholders of Tapango plus 61,501,788 postconsolidated shares to the shareholders of CarbonOne. The new company has 80,771,427 shares outstanding.

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