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Shell Summary for Sept. 17, 2019

2019-09-17 21:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.61 points to close at 586.90 Tuesday. Charles Chebry's second capital pool shell, Castlecap Capital Inc. (CSTL: halted), has released the terms of its qualifying transaction with Plexus Technology Corp., a cryptocurrency miner and aspiring natural gas power producer in Alberta. The shell will roll back 1 for 3, leaving it with 1,333,333 shares issued, then issue 16,290,986 shares to its target's shareholders.

Plexus bills itself as a company that will mainly be in the business of power generation. It does not yet generate any power, but it is building a five-megawatt facility in Indus, Alta., about half an hour from Calgary. Plexus Technology's goal is to generate low-cost electricity from the low-cost natural gas in Alberta. Last month, the benchmark price for Alberta natural gas averaged 96 U.S. cents per million British thermal units. In comparison, the benchmark price for U.S. natural gas last month averaged $2.17 (U.S.) per million British thermal units. Plexus estimates that 70 per cent of its future revenue will come from energy sales.

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