Trading Symbol: TSX Venture Exchange: CQV
ST. JOHN'S, NL, March 18, 2013 /CNW/ - Canadian Imperial Venture Corp.
("CIVC" or the "Company") (TSXV: CQV) announces that it is proceeding
with the share consolidation, on the basis of ten (10) old shares for
one (1) new share (the "Consolidation"), as was approved by
shareholders at the Annual and Special meeting held on December 14,
2012. As a result of the Consolidation, the 519,588,361 common shares
which are currently issued and outstanding will be reduced to
51,958,838 shares. The board of directors of the Company believe that
in order to facilitate access to additional financing that is required
for working capital and the further exploration of the Company's
property, it was necessary to effect the Consolidation.
The effective date for the Consolidation will be March 18, 2013 (the
"Effective Date"). The post-Consolidation common shares of the Company
will commence trading on the TSX Venture Exchange at the opening of the
market on the Effective Date remaining under the symbol "CQV".
Letters of transmittal describing the process by which shareholders may
obtain new share certificates representing their consolidated common
shares will be mailed to the registered shareholders. Shareholders who
hold their shares through a broker or other intermediary and do not
have shares registered in their own name will not be required to
complete a letter of transmittal. No fractional shares will be issued
under the share consolidation and any fraction will be rounded down to
the nearest whole number.
Canadian Imperial Venture Corp. is an independent Canadian-based
resource company with interests in the following projects:
Little Bear Lake Gold Property, Manitoba
Pursuant to a farm-in agreement (announced on 30 March 2012), CIVC has
the option to earn a 55% working interest in the LBL property from
Carina Energy, a private mining exploration company based in Toronto,
Ontario. The results from exploration work at LBL to-date (see March 4,
2013 News Release) support management's belief that the property has
the potential for the discovery of a high volume, low grade open pit
Green Point Oil-in-Shale, Western Newfoundland
Canadian Imperial Venture Corp. is a shareholder of Shoal Point Energy
Limited. (SPE), a public company trading on the CNSX under the symbol
SHP. Through direct ownership and a farmin agreement, SPE potentially
holds approximately 720,000 gross acreage in the Green Point Shale in
western Newfoundland. Shoal Point Energy also has an agreement with
Black Spruce Exploration Corp. (BSE) whereby BSE can earn up to 60% of
SPE's interest in all of SPE's Exploration Licences by drilling a total
of 12 wells over the next 2 years. As stated by SPE, it is working with
its partner, BSE to drill up to four exploration wells in western
Newfoundland in 2013.
Canadian Imperial Venture Corp. currently holds 10,000,000 common shares
of Shoal Point Energy Limited stock and 10,000,000 share purchase
warrants. Each share purchase warrant is exercisable to acquire an
additional common share of SPE at an exercise price of $0.40 per share
with an expiry date of October 25, 2013.
CANADIAN IMPERIAL VENTURE CORP.
Gerard Edwards, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.
This release includes certain forward looking statements which reflect
beliefs, expectations, objectives and goals which are believed to be
reasonable at the time such statements are made. Actual results could
differ materially from anticipated results and may be impacted upon
such factors as commodity prices, political developments, legal
decisions, market and economic conditions, industry competition, the
weather, changes in financial markets and changing legislation.
SOURCE: CANADIAN IMPERIAL VENTURE CORP.
For further information:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. "C"
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605
E-mail: email@example.com / website: www.canadianimperial.com