Vancouver: Chris Brough and a group of friends head up his latest business venture. Brough resigned as ceo of Vancouver’s Mainframe Entertainment earlier this year.

Brough, the new president of film and television production at Vancouver’s Sextant Entertainment, says in a news release that he has letters of intent to acquire Pacific Motion Pictures (co-run by Tom Rowe and Matthew O’Connor) and New City Productions (run by Colleen Nystedt, with whom he lives in Shaughnessy).

Sextant is also acquiring Vancouver animation/post company Reel Elements, operated by Anthony Fiorino and Steve Melchiorre.

Brough is piloting Sextant with vp of legal and business affairs Michelle Gahagan, formerly with Vancouver’s North American Releasing, and cfo Martin Johnson, formerly a West Coast vp at Alliance Equicap. A ceo has not yet been named.

Under the terms of the purchase agreement, Sextant says it will collectively issue 1.425 million common shares and $500,000 to the owners of the three new divisions, who will continue to be employed by their respective companies. Together, they can also earn a performance bonus of 900,000 common shares.

Sextant says it will go public through a reverse takeover of shell Rhodelta Software. Initially, Sextant says it will list with the Canadian Dealers Network, but will eventually end up on the Toronto Stock Exchange, perhaps by spring.

Brough, Gahagan, Gregory Clarkes, Murray Sinclair, Philip Dadson and Ian Hand have been elected to the board.

According to the release, Sextant will also encompass Brough’s own Pan Pacific Productions, which has the rights to produce and distribute the computer animated series Micronauts, based on the comic book series.

pmp says it is dissolving its relationship with Vancouver’s Rainmaker Entertainment Group.