03:55 PM EST - Ceres Capital Corp. : said it has entered into a letter of intent with Reliable Energy Ltd., a private Alberta corporation. According to the news release, the parties have agreed to negotiate a definitive agreement relating to a proposed reverse takeover transaction pursuant to which Ceres will acquire all of the issued and outstanding securities of Reliable. If the transaction is completed, Ceres will issue about 38 million common shares to the Reliable shareholders having a deemed value of $0.18 per share, which implies an entity value for Reliable of approximately $6.84 million. Ceres Capital Corp.
shares V.SRS.P are trading unchanged at $0.24.
