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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.82 points to 838.14 Wednesday. Praveen Varshney's NEX shell, Savannah Gold Corp. (SAV: $0.055), plans to roll back 1 for 5, leaving it with 3,046,030 postconsolidated shares issued, and then sell a $255,000 private placement of 1.7 million postconsolidated shares at 15 cents. It will use the proceeds for debt repayment and working capital. On Sept. 30, 2016, Savannah had a working capital deficit of $357,697. It had hoped to sell a $750,000 private placement of 7.5 million preconsolidated units at 10 cents, but it cancelled this financing last month.

In November, 2016, Mr. Varshney became a director of Pyfera Growth Capital Corp., a Vancouver investment company that was founded by public relations man Brad Aelicks and engineer Sandeep Gupta. Pyfera focuses on tech and sustainability start-ups, and it currently has four private companies in its portfolio. Last month, Savannah added a director: engineer Karan Thakur, an associate at Pyfera.

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