Canadian Imperial Venture Corp. - News release

    Trading Symbols:
    TSX Venture Exchange: CQV
    Frankfurt Stock Exchange: DFM

    ST. JOHN'S, NL, June 3 /CNW/ - Canadian Imperial Venture Corp. (the
"Company") is arranging a non-brokered private placement of up to 100 million
units (the "Units") at a price of $0.02 each, to raise up to $2 million. Each
Unit consists of one common share in the capital of the Company and one-half
of 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 $0.05 per share during the
first year and at a price of $0.10 per share during the remaining term of the
Warrant. Purchasers in the private placement will be given the option to
subscribe for flow-through common shares in lieu of Units at a price of $0.02
per flow-through common share. These purchasers will not receive any Warrants
if they so elect to purchase flow-through shares.
    The Company may pay finder's fees or commissions in the private
placement. The common shares or flow-through 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 additional
exploration on the Company's properties in Western Newfoundland and in Alberta
and for working capital. The private placement is subject to regulatory

    Canadian Imperial Venture Corp. is an independent Canadian-based energy
company with interests in petroleum exploration and development in western
Newfoundland and in western Canada. Eastern Canada is the home to such
developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep
Panuke, and McCully fields.

    By: "Gerard Edwards"
        Gerard Edwards

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605,,

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Canadian Imperial Venture Corp.

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