Canadian Imperial Venture announced the First Closing of the non-brokered private placement previously announced on June 3, 2009.
Upon the First Closing, a total of 28,000,000 Units and 2,000,000 Flow-through Shares were sold for proceeds of $600,000. 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.
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.
All stock purchased under this private placement will have a four-month hold period, which expires December 1, 2009.
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