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Shell Summary for Jan. 13, 2021

2021-01-13 20:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.63 points to 900.24 Wednesday. Benoit Chotard's Orletto Capital II Inc. (OLT: suspended) plans to acquire a hydroelectric power company, Enerdro Inc., for the shell's qualifying transaction. The terms are not yet available. Enerdro was formed in May, 2020, in Montreal. Its goal is to acquire, manage and finance small-scale hydroelectric power producers, each with an output capacity of 25 megawatts or less, and located in North America or Europe. The company has so far generated no revenue. We should find out whether it has already made acquisitions, or if any are in progress, when the shell submits a QT filing statement. In the meantime, Enerdro and Orletto Capital II plan to raise $3-million to $5-million for their resulting issuer. Financing terms are not yet available.

The chairman and chief executive officer of Enerdro, Dave Gagnon, will continue as the chairman and CEO of the resulting issuer. He uses many words in his bio to say nothing in particular, for instance, talking up his "vision," which allowed an unidentified family business to "reach new heights." He also mentions an "interesting and challenging" position in which he "helped other entrepreneurs grow their business." As for facts, Mr. Gagnon was the CEO of AAER Inc., a wind turbine manufacturer that traded on the TSX-V from 2006 to 2010. The stock climbed to $2.10 in 2008, thanks to excitement over a potential supply deal with Hydro-Quebec. When the deal fell through, AAER plummeted to 60 cents from $1.80 in a day, after which it kept falling. The company later filed for bankruptcy and delisted. Investissement Quebec, which had poured $2.5-million into AAER, lost its money. The town of Ipswich, Mass., which had hoped to receive wind turbines from AAER, lost $25,000 (U.S.).

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