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CMV-v Consolidated Magna Ventures - remarkable stock market activity last week, and indications at least that they are near to another potential internet deal. In the fall Consolidated Magna attempted an Internet deal with coyotenet, a firm that set up Internet access kiosks in select places. Unfortunately the timing wasn't quite right and it was a little too difficult to get the financials worked out so the deal didn't materialize. However, Consolidated Magna had obtained shareholder approval to look at an Internet deal, having previously been involved in mining exploration. Now it looks like things may be moving towards something. There was a flury of market activity in January, and then for about the past week Union had been accumulating stock. Then on Friday there was an announcement of shares for debt, so the shell has essentially been cleaned up and ready for whatever. Due to the market activity and the prompt announcement of the shares for debt, a deal may be near to being announced. What it is in detail, no news yet, but it may be close to being announced based on the progression of market activity, accumulation of stock, and cleaning up the debt. Consolidated Magna shares offices and some of the same management with quite a well respected mining company, Canarc Resources that trades on the TSE. Some of these mining companies that have switched to an Internet deal have done very well. For example, Gran Columbia trading at about $.20 a year or so ago, converted to e-commerce, changed their name to Wave Communications and traded as high as $10 all in one year. So this one is worth keeping an eye on to see what develops. |
