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Shell Summary for Jan. 4, 2019

2019-01-04 20:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.95 points to 587.44 Friday, ending the week up 35.35 points. Brian Presement's capital pool shell, Sagittarius Capital Corp. (SCX: halted), has filed a final prospectus and received conditional exchange approval for its qualifying transaction: It is acquiring Irri-Al-Tal Ltd., an Israeli irrigation company. The shell will roll back 1 for 1.5, leaving it with 2.8 million shares issued, then issue 74,443,922 shares to its target's shareholders.

Irri-Al-Tal was founded in November, 2003. It designs, manufactures, installs and maintains irrigation systems. Among its customers are an Ethiopian vineyard; Chinese apple and vegetable farms; Guatemalan blueberry farms; an Ecuadorean asparagus farm; and Peruvian avocado, mango and lettuce farms. Irri-Al-Tal has also designed and built the water supply for a Nigerian catfish farm. The company says it has "taken note" of the increasing trendiness of marijuana around the world, and in 2018 it won its first marijuana irrigation contract for $500,000 (U.S.): It is now designing the irrigation system for an Israeli marijuana greenhouse co-owned by Cronos Group Inc. (CRON: $15.80).

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