This Week’s Market Buzz

  • North America Frac Sand Inc., Calgary, Alberta, Canada, has entered into a share exchange agreement to acquire 100 percent of the issued and outstanding shares of North America Frac Sand (CA) Ltd. through the issuance of 37.8 million shares of the company. The acquisition will be completed upon North America Frac Sand (CA) Ltd. providing additional due diligence which will include confirmation that there are at least 6.4 million tons of recoverable reserves of frac sand, and potential reserves of at least 66 million tons, on or before Oct. 15. With more than 30,000 acres of leases, it is the company’s intent to prove out the balance of its significant resource of frac sand. The company intends to commence mining operations and shipments as soon as possible.

  • A frac sand company has agreed to pay Pepin County, Wis., $480,334 to settle a lawsuit over road damage caused by hauling – a fear shared by many jurisdictions as the silica sand mining industry expanded in recent years in western Wisconsin and southeastern Minnesota, according to the Minneapolis Star-Tribune. Greg Bechel Trucking & Excavating LLC agreed to the settlement late last month, providing the county with enough money to cover its legal expenses and all necessary road repairs along the company’s designated, eight-mile haul route, said Bill Mavity, an attorney and former county supervisor who advised the Pepin County Highway Committee.
  • Gear International Inc. has entered into an agreement with Contaminated Soil Solution Inc., the owners of a proprietary soil remediation technology known as “CSS1000.” This advanced technology consists of both physical equipment and intellectual property, including engineering programs and proprietary design software, which together form an effective and cost-efficient system for remediation of various forms of soil contamination produced by oil and gas exploration, as well as by other industries. The company said substantial income can be generated by its technology through the sale of reclaimed and recycled drill cuttings, used frac sand, and basic sediment and water, resulting in substantial potential sales revenues.

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