Canadian Imperial Venture Closes Private Placement
Canadian Imperial Venture has announced the final closing of the non-brokered private placement previously announced on June 3, 2009. The private placement had three closings whereby a total of 42,000,000 Units and 11,750,000 Flow-through Shares were sold for proceeds of $1,075,000. Under the final closing, a total of 2,500,000 Units and 4,500,000 Flow-through Shares were sold for proceeds of $140,000. All securities purchased under this closing will have a four-month hold period, which expires January 5, 2010.
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.
- Shoal Point to Acquire CIVC's Interests in West Newfoundland (Sep 26)
- Canadian Imperial Venture Reaches TD at Shoal Well (Apr 04)
- Drilling at Shoal Point to Commence Late September (Aug 12)