Rod Bryden. (Darren Brown, OBJ)

Rod Bryden's SC Stormont Holdings has increased its stake in Clearford Industries Inc. (TSX-V:CLI) to 17.5 per cent.

Stormont, whose business consists of providing "strategic leadership" to companies such as Clearford and Mr. Bryden's own PlascoEnergy, said it has bought four million common shares of the wastewater technology firm. The shares represent approximately 15.56 per cent of the issued and outstanding Clearford common shares.

"Stormont is holding the Clearford common shares for investment purposes," the company's statement read. "Depending on market and other conditions, Stormont may from time to time in the future increase or decrease its ownership, control or direction over Clearford common shares or other Clearford securities through market transactions, private agreements or otherwise."

Stormont now owns 4.5 million Clearford common shares. The two companies' relationship began in 2005 when Clearford, then known as Innovative Water and Sewer Systems Inc., asked Stormont to provide "executive and strategic direction," with Mr. Bryden taking a seat on Clearford's board.

Stormont noted that the purchase of the shares was a private transaction between Stormont and "certain principals of Clearford."