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by Stockwatch Business Reporter
The TSX Venture Exchange lost 2.40 points to 769.59 Monday. Jason Krueger's suspended capital pool shell, Vier Capital Corp. (VIE), has released additional details for its qualifying transaction, including its target's financial results and its resulting issuer's director nominees. For Vier Capital's QT, it is acquiring Vertex Resource Group Ltd., an Alberta company that offers environmental services (such as fluid and waste management) and industrial services (such as insulation, equipment rentals and well site accommodations). The shell will roll back 1 for 10, leaving it with 735,000 shares issued, then issue 85,773,433 shares to its target's shareholders.
In 2016, Vertex lost $8.16-million on revenue of $86.15-million. In the first half of 2017, it was still unprofitable, but its margin seems to have improved: It lost $1.04-million on revenue of $47.65-million.
On closing of the QT, Mr. Krueger and the rest of the shell's directors will resign. The resulting issuer's board will comprise: Brian Butlin, Terry Stephenson, Terry Freeman, Stuart O'Connor and Trent Baker. Mr. Butlin is the chairman of Vertex and will continue as the chairman of the resulting issuer. He was the president of a private company called HMW Construction Ltd., which in 2001 merged with other private companies to form Flint Energy Services Ltd. Flint, a provider of oil and gas services, traded on the Toronto Stock Exchange. Under Mr. Butlin's watch, it peaked at $27.50 in 2002. Mr. Butlin resigned as chief executive officer of Flint in 2005. Then in 2012, the company was acquired by URS Corp., a San Francisco-based engineering and construction firm. Mr. Butlin is also a former chairman of the Northern Alberta Institute of Technology and a former director of the Edmonton Eskimos (part of the Canadian Football League).
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