NEW YORK and MONTREAL, June 6, 2012 /CNW Telbec/ - Canwealth Minerals
Corporation "Canwealth" and majority shareholder, ICBS Ltd., (OTCPK:
ICBT), announced today that it has signed a letter of intent for a
business combination or merger with USG1, Inc. "USG1"
Representatives from ICBS and Canwealth have engaged in actively seeking
a public U.S. company for a reverse merger. The merger would allow
Canwealth to become a publicly traded company within a relatively short
time. An initial IPO was ruled out because of the lengthy and expensive
process prior to being able to trade its stock. A reverse merger could
see Canwealth trading within 30-60 days after the completion of the
USG1 is a public, blank check company, as defined by the U.S. Securities
and Exchange Commission, with no prior trading history. The specifics
of the merger are still being discussed and cannot be disclosed at this
time, but both parties intend to consummate the deal as quickly as
possible. USG1 CEO Kimi Royer: "We are excited about the opportunity
to help launch Canwealth into a successful public company, and believe
Canwealth has an enormous future with their current mineral claims."
Closing of the merger will be subject to satisfactory due diligence by
both companies, as well as any necessary third-party, shareholder and
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. Canwealth will require development
funding for equipment and labor which could top three million dollars
over the next two years.
ICBS Limited is a 51% shareholder in 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, CBS Limited.
Garth McIntosh, President & CEO