TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, NL, April 9 /CNW/ - Canadian Imperial Venture Corp. (the
"Company" or "CIVC") announced today that the British Columbia Securities
Commission ("BCSC") has granted the Company's request for a Management Cease
Trade Order ("MCTO") in connection with the failure to file its November 30,
2006 audited annual financial statements ("Audited Financial Statements").
Under the terms of the MCTO, the Company will provide bi-weekly update reports
as to the completion of the Audited Financial Statements.
As required by the BCSC, the Notice of Default issued under CSA Notice
57-301 is reprinted in its entirety as follows:
CSA NOTICE 57-301 (the "Notice")
Notice of Default
1. Canadian Imperial Venture Corp. (the "Company") is unable to file its
audited financial statements for the twelve-month period ending
November 30, 2006 (the "Audited Financial Statements") by March 30,
2007 (the "Audited Financial Statements Filing Deadline"), and may not
be able to file its interim financial statements for the first quarter
ending February 28, 2007 (the "Interim Financial Statements") by
April 30, 2007 (the "Interim Financial Statements Filing Deadline"),
as required pursuant to National Instrument 51-102 Continuous
2. In July 2006, the Company acquired all of the issued and outstanding
shares of Enegi Inc. ("Enegi") making it a wholly owned subsidiary of
Canadian Imperial Venture Corp. The Company is therefore required to
provide consolidated financial statements to its auditors with all
necessary supporting documents. Due to unforeseen delays the Company
has been hampered in its efforts to provide the required materials to
its auditors. More specifically, certain working papers pertaining to
Enegi's 2005 audited financial statements were not provided until now.
Consequently, the Company's auditors were not able to conclude the
Company's audit in time.
3. The Company expects to file the Audited Financial Statements and
Interim Financial Statements by April 30, 2007.
4. May 30, 2007 is the date that is two months after the Audited
Financial Statements Filing Deadline and the securities commissions or
regulators in British Columbia, Alberta, and Ontario may impose an
issuer cease trade order (a "CTO") if the Audited Financial Statements
are not filed by that time. June 30, 2007 is the date that is two
months after the Interim Financial Statements Filing Deadline and the
securities commissions or regulators in British Columbia, Alberta and
Ontario may impose an issuer CTO if the Interim Financial Statements
are not filed by that time. An issuer CTO may be imposed sooner if the
company fails to file Default Status Reports pursuant to Appendix B of
CSA Notice 57-301 on time.
5. The Company confirms that it intends to issue a Default Status Report
on a bi-weekly basis, disclosing the requisite details, as required
under Appendix B of CSA Notice 57-301, for as long as it remains in
default of the Audited Financial Statement Filing Deadline, and the
Interim Financial Statements Filing Deadline, as applicable.
6. The Company is not subject to any insolvency proceedings.
7. There is no other material information concerning the affairs of the
Company that has not been generally disclosed.
As a consequence to this notice, no director, officer or other insider is
permitted to buy, sell or otherwise transact in the shares of the Company
until the Audited Financial Statements are filed and the MCTO is removed.
For further information, please contact the Company.
CANADIAN IMPERIAL VENTURE CORP.
Steven M. Millan, P.Geo.
Chairman and CEO
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Canadian Imperial Venture Corp. St. John's, NL,
(709) 739-6700, Fax: (709) 739-6605, email@example.com, website: