Walker Norris Capital Partners III entered into a binding letter of intent to acquire Portex Minerals Inc (DB:5S7N) in a reverse merger transaction on June 25, 2015. Portex Minerals will issue 48 million post-consolidation common shares of Portex as consideration. Portex Minerals intends to change its name to Direct Metals Recycling Ltd. and to consolidate its issued share capital on the basis of ten old common shares for each one new common share. Upon completion of the acquisition, the Board of Directors of Portex will consist of between five and seven directors, including the four nominees: Matthew Bassett, Christopher Bilz, Guy Jarvis and Dan Sterling. Upon completion of the acquisition, Dan Sterling will be the President and Chief Executive Officer of the combined company. The transaction is subject to regulatory approvals, shareholder approvals, due diligence, completion of an equity financing for not less than $0.75 million, assumption by Portex of a 4140 real estate SBA loan obligation, subject to due diligence by Portex and approval by all the current owners and lender and key employees of DMR entering into employment agreements.

Walker Norris Capital Partners III executed the definitive agreement to acquire Portex Minerals Inc (DB:5S7N) in a reverse merger transaction on March 15, 2016. Portex Minerals will issue 48 million post-consolidation common shares of Portex as consideration. The agreement is subject to completion of an equity financing; assumption by Portex Minerals of a 4140 real estate SBA loan obligation, subject to due diligence by Portex and approval by all the current owners and lender; and key employees of Walker Norris Capital entering into employment agreements. Bassett Financial Corporation acted as financial advisor to Portex.

Walker Norris Capital Partners III cancelled the acquisition of Portex Minerals Inc (DB:5S7N) in a reverse merger transaction on May 19, 2016.