Frankfurt Stock Exchange: DFM
ST. JOHN'S, NL, Aug. 15 /CNW/ - Canadian Imperial Venture Corp. (the Company") is arranging a nonbrokered private placement of up to 30 million units (the "Units") at a price of $0.05 each, to raise up to $1.5 million. Each Unit consists of one common share in the capital of the Company and one non transferable share purchase warrant ("Warrant"). One whole Warrant will entitle the holder to buy an additional share in the capital of the Company for a period of two years at a price of $0.10.
The Company may pay finder's fees or commissions in the private placement. The common shares sold in the private placement, any shares acquired upon exercise of the Warrants and any securities issued in payment of finder's fees will be subject to a four month hold period. The proceeds from the private placement will be used for working capital. The private placement is subject to regulatory acceptance.
Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.
By: "Steven M. Millan"
Steven M. Millan, P.Geo.
Chairman 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: For further information: Canadian Imperial Venture Corp., Tel.: (709) 739-6700, Fax: (709) 739-6605, firstname.lastname@example.org, www.canadianimperial.com