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by Stockwatch Business Reporter
The TSX Venture Exchange added nine points to 1,183 Friday, ending the week down three points. Iain Downie's T.B. Mining Ventures Inc., a shell that included some of Ontario's best-known prospectors, has a deal with a little-known tech promoter in Mississauga, Mario Biasini. T.B. has submitted all the paperwork required to launch Mr. Biasini's Sphere 3D Inc., a "cloud-computing" software company. Sphere touts its platform as one that enables users to access any software on any Internet-enabled device, as long as both of the devices have Sphere's software.
T.B. will roll back its shares 1:4 and then issue 15,174,201 T.B. shares to Sphere shareholders, after which T.B. will change its name to Sphere 3D Corp. One of the conditions for completing the QT is a $2-million private placement at 85 cents a share. Following the QT, Mr. Biasini will have a disclosed position of 2.74 million shares, one million of which he received on Dec. 31, 2010, in exchange for software he owned. On the same day that Mr. Biasini sold the software, Sphere separately sold a total of 7,499,900 shares at one-half cent for $37,500 to undisclosed shareholders. Wherever those shares ended up, when the company goes public they will be worth millions, presumably 85 cents each or more. In all likelihood, the shares are safely stored somewhere offshore in portions of less than 10 per cent to remain hidden from the realm of disclosure.
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