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by Stockwatch Business Reporter
The TSX Venture Exchange lost 14.33 points to 769.30 Tuesday. Jonathan Younie's Baetis Ventures Ltd. (BATS) plans to acquire RE Royalties Ltd. as its qualifying transaction. RE was founded by Bernard Tan and Marchand Snyman, both of Hunter Dickinson Inc. Mr. Tan is Hunter Dickinson's former chief financial officer and Mr. Snyman is a current chief operating officer and director. At RE, the men are assembling a portfolio of long-term, renewable-energy royalty income streams from projects in operation or late-stage development. RE says it has 11 royalties, covering 473 megawatts of renewable-energy projects in Canada, the United States and Europe. In connection with the QT, RE will need to raise $5-million at a price to be determined.
Baetis will need to roll back 1 for 3, leaving it with 1.33 million shares outstanding, after which it will issue 13.9 million shares to RE holders. On closing, Mr. Younie will resign. This is his first capital pool shell, and he has been nice and prompt about getting on with business. He listed Baetis at 10 cents in February, so IPO shareholders will need 30 cents to break even (after the proposed rollback).
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