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 reverse merger.
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 government consent.
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.
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SOURCE: Canwealth Minerals Corporation, CBS Limited.