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by Stockwatch Business Reporter
The TSX Venture Exchange added 1.40 points to close at 620.95 Tuesday. Brian Presement's capital pool shell, Sagittarius Capital Corp. (SCX: halted), has closed its acquisition of Irri-Al-Tal Ltd., an Israeli irrigation company. Once it receives final approval from the exchange for this qualifying transaction, Sagittarius will resume trading under a new name, Water Ways Technologies Inc., and the ticker symbol WWT.
For its QT, the shell rolled back 1 for 1.496, leaving it with 2.8 million shares issued, then it issued 75,338,152 shares to its target's shareholders. The shell also sold a $2.81-million prospectus offering of Water Ways units at 40 cents. Meanwhile, Irri-Al-Tal sold a $291,445 private placement of Water Ways units at 25 cents.
Irri-Al-Tal was founded in 2003. It designs, manufactures, installs and maintains irrigation systems. Its customers have included fruit and vegetable farmers, as well as fish farmers, from Peru to Nigeria to China. In the first nine months of 2018, the company earned $584,000 (U.S.) on revenue of $9.72-million (U.S.).
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