TSX Venture Exchange: CQV
ST. JOHN'S, March 6, 2013 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" or the "Company") announces that it is proceeding with the share consolidation, on the basis of ten (10) old shares for one (1) new share (the "Consolidation"), as was approved by shareholders at the Annual and Special meeting held on December 14, 2012. As a result of the Consolidation, the 519,588,361 common shares which are currently issued and outstanding will be reduced to 51,958,836 common shares. The Consolidation should be effective within the next two weeks. Subsequent to the Consolidation the Company will arrange for a private placement. Insiders of the Company may participate in the private placement and their participation may be funded, in part, by sales that they have made of their existing shares of the Company in the market. The board of directors of the Company believes that in order to facilitate access to additional financing that is required for the further exploration of the Company's property, it is necessary to effect the Consolidation.
CANADIAN IMPERIAL VENTURE CORP.
|Gerard Edwards, President 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.
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