There was one news release from a NEX company that was picked up by
Marketwire on Tuesday. Pan Terra Industries Ltd. [NEX: PNT.H] has announced a change of business, becoming an oil and gas company, thanks to a long-term alliance with a private company that "has secured an agreement in Canada and the United States for 10 years to deploy a proprietary airborne technology for the identification of potential hydrocarbon traps and reservoirs. The technology, known as 'Stress Field Detection' ('SFD') is currently being utilized by a number of medium size and emerging exploration and production companies." In addition to acquiring a 49% interest in joint explorations that use this technology, in exchange for up to $4,500,000 in cash and 300,000 common shares of Pan-Terra at a deemed price of 49 cents/share, Pan-Terra has also acquired a producing gas well near Sylvan Lake from Rotex Energy Ltd. (not necessarily the same company as the first one) for $500,000 cash. In addition, there will be a reorganization, with a 2-for-1 consolidation and a change of name, once the Venture Exchange conditionally approves the graduation to the VSE.
The release itself also mentions changes in senior personnel, and has an itemized list of the reserves in the Sylvan Lake property. The table starts with this note: "Sproule and Associates ('Sproule') has evaluated the Sylvan Lake Property effective May 31, 2007, and has assigned 32 Mboe of proven and probable reserves (net of royalties) with an indicated value of $717,000 discounted at 15% (before income tax) using the Sproule May 31, 2007 escalated price deck." Pan Terra is currently halted from trading; its last close was at 49.5 cents/share on July 12th of this year.
There was one bulletin from a NEX company that was included in Tuesday's
TSX Venture Daily Bulletins. Palcan Power Systems Inc. [NEX: PC.H] is moving to the NEX as of Wednesday, October 10th. The TSX Venture has approved the dispoition of 51% of its formerly wholly-owned subsidiary "Palcan Fuel Cell Co. Ltd. in consideration of the extinguishment of $225,050 in debt." This transaction has already been approved by shareholders. Palcan is currently suspended, and will remain so once it's been transferred to the NEX. A
webbed copy of the bulletin has been provided by
Canjex Publishing.
There was one news release sent out exclusively through Canjex on Tuesday, and it announces that the cease-trade order against Warwick Communications Inc. [NEX: WWK.H] issued by the Alberta Securities Commission
has been rescinded by that same Commission. The other one, from the B.C. Securities Commission, remains in force; Warwick is still suspended. WWK.H last closed at 4.5 cents/share more than two years ago.
In addition to the above items, there were also SEDAR-filed financial statements announced on Tuesday:
To read about the highlighted NEX stocks for Tuesday, you can go here.
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