NEW YORK and MONTREAL, Sept. 24, 2012 /CNW Telbec/ - Canwealth Minerals
Corporation "Canwealth" and majority shareholder, ICBS Ltd., (OTCPK:
ICBT), announced today that an Agreement and Merger has been signed
with USG1, Inc., and an 8-K has been filed with the SEC by USG1, Inc.
ICBS Ltd., currently owns 70% of Canwealth Minerals Canada. Once the
merger is completed, ICBS will own 60.90% of the newly formed company.
At the moment, there is a signed Merger Agreement in place - in effect
the conditions to closing, which is the completion of the US audit and
the preparation of what is called the Super 8K. The Super 8K is a
document which must be filed with the SEC which includes the audited
financial statements as well as a detailed description of the business
of the new entity. Under SEC rules, the Super 8K must be filed with the
SEC no later than the 4th business day following the closing. What
typically is done is that you close and file the Super 8K essentially
simultaneously when you are ready (ie the audit is done, the financial
statements are issued and the narrative is ready). These documents have
been submitted to the companies attorneys and CPA.
Kimi Royer, CEO of USG1: "We are very excited to be joining forces with
Canwealth. We believe their mineral claims represent substantial value
for shareholders and we are looking forward to being a part of this
Garth McIntosh, CEO of ICBS: "We continue to move forward in the process
of getting Canwealth publicly traded. Canwealth has an enormous
future, and we are excited about the progress being made on a daily
About Canwealth Minerals Canada:
Canwealth Minerals Corporation - is a mineral exploration and mining
company actively searching for gold, silver, PGE, base metal and REE
mineral deposits in Quebec. At the present time the company holds 9
Mining properties (268 Claim cells) in Northern Quebec's Abitibi region
and the James Bay basin including addition exploration camps in South
Western Quebec for a total of 38,573 acres under management and is 100%
owned by Canwealth Minerals Corp.
Legal Notice Regarding Forward-Looking Statements:
Safe Harbor: This press release contains forward-looking information
within the meaning of section 27A of the Securities Act of 1933 and
section 21E of the Securities Exchange Act of 1934 and is subject to
the Safe Harbor created by those sections. This material contains
statements about expected future events and/or financial results that
are forward-looking in nature and subject to risks and uncertainties.
Such forward-looking statements by definition involve risks,
uncertainties and other factors, which may cause the actual results,
performance or achievements of ICBS Limited, to be materially different
from the statements made herein.
SOURCE: Canwealth Minerals Corporation
For further information:
SOURCE: Canwealth Minerals Corporation, ICBS Limited.
CONTACT: Garth McIntosh, President & CEO