Key Developments: Canadian Imperial Venture Corp (CIMVF.PK)
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19 Dec 2012
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41,000
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Latest Key Developments (Source: Significant Developments)
Canadian Imperial Venture Corp Announces Private Placement
Canadian Imperial Venture Corp announced that it is arranging a non-brokered private placement (the Private Placement) of up to 15 million units (the Units) at a price of $0.05 each, to raise up to $750,000. Each Unit consists of one common share in the capital of the Company and 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 $0.10. The Company may pay finder's fees or commissions in the private placement. The 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 working capital. Full Article
Canadian Imperial Venture Corp Commences Drilling Program on Little Bear Lake Gold Property, Manitoba
Canadian Imperial Venture Corp announced the commencement of a 1500 m drill program on the Little Bear Lake Gold property (LBL) in the Maskwa pluton located in southeastern Manitoba. The drill program is being carried out pursuant to a farm-in agreement (see September 26, 2012 news release), under which the Company is earning a 55% working interest in the Little Bear Lake property from Carina Energy, a private mining exploration company based in Toronto, Ontario. The current program will test the Silver Fox and contiguous Rush Veins. Historical trenching results for the Silver Fox vein yielded channel sample results of up to 0.90 oz/t (30.9 g/T) gold over 4 ft (1.2 m) with similar results obtained from other trenches over a strike length of 255 ft (77.7 m). The wallrock contained up to 0.2 oz/ton (6.9 g/T). The Silver Fox vein is up to 7 ft wide (2.1 m) at the south end. The narrower parts of the vein yielded grab samples of 7 oz to 10 oz Au/ton (10.5 to 348.5 g Au/T). During 2011 prospecting and sampling, 12 grab samples from the Rush Vein averaged 6.2 g Au/T with a range from 0.05 to 41.68 g Au/T. Full Article
Canadian Imperial Venture Corp Signs Letter Of Intent To Earn 55% Of Little Bear Lake Gold Property, Manitoba
Canadian Imperial Venture Corp announced that it has entered into a new agreement with Carina Energy Inc. (Carina). On February 2, 2012, the Company had announced that it had entered into an arm's length letter of intent (the LOI) with Carina, a private mining exploration company based in Toronto, Ontario, whereby CIVC would acquire all of the issued and outstanding securities of Carina (the Acquisition). On March 28, 2012 the parties entered a new agreement whereby CIVC proposes to farm-in to the Little Bear Lake Property (the Property) of Carina to earn a 55% working interest in the Property. It is proposed the Company will deliver to Carina 6 million shares on the closing date and on the first anniversary of the closing date the Company will deliver an additional 5 million shares to Carina. The Company would be required to spend $600,000 of expenditures on the property within two years of the closing date and would be responsible for certain obligations which are anticipated to be $320,000 payable 50% in cash and 50% in CIVC shares. The letter of intent is subject to, among other things, acquisition of a strategic claim, execution of a definitive joint venture or farm in agreement and receipt of all requisite regulatory approvals including the TSX Venture Exchange. Full Article
Canadian Imperial Venture Corp To Acquire Carina Energy Inc
Canadian Imperial Venture Corp announced that it has entered into an arms length letter of intent (LOI) with Carina Energy Inc. (Carina), a private mining exploration company based in Toronto, Ontario, whereby CIVC will acquire all of the issued and outstanding securities of Carina. It is currently contemplated that the Acquisition will be effected by way of a three cornered amalgamation pursuant to which the shareholders of Carina will receive common shares of CIVC and, upon completion of the Acquisition, Carina will become a wholly owned subsidiary of CIVC. Carina shareholders will receive 1.5 common shares of CIVC for each common share held in Carina. Outstanding share purchase warrants of Carina will be treated in accordance with the provisions of the warrant certificates governing such warrants, subject to any regulatory requirements. As a condition of the closing of the Acquisition, Carina must complete a financing of common shares of Carina to raise proceeds of between $500,000 and $1,000,000. The common shares of Carina will be issued at a price of $0.04 per common share and the flow-through common shares will be issued at a price of $0.05 per flow-through share. Each common share issued will have one full warrant attached and all flow through shares issued will have one half warrant attached exercisable at $0.10 for a period of two years. Full Article
Canadian Imperial Venture Corp. Acquires 10.20% Ownership In Shoal Point Energy Ltd.
Canadian Imperial Venture Corp. announced that the Company has reached an agreement with Shoal Point Energy Limited (SPE) whereby Canadian Imperial Venture Corp. will acquire a 10.20% ownership position in the stock of SPE as well as the right to appoint a representative to the Board of SPE. Under the agreement, SPE will issue 20 million shares and 10 million warrants to Canadian Imperial Venture Corp.. The warrants have a strike price of $0.40 and a 2 year term. In exchange for the shares and warrants, Canadian Imperial Venture Corp. will assign its interest in EL1070 and EL1120 plus any rights that the Company holds under an Area of Mutual Interest (AMI) agreement between Canadian Imperial Venture Corp. and SPE relating to West NL. SPE will also pay Canadian Imperial Venture Corp. a total of $500,000 cash, $300,000 to be paid on closing which is expected to occur on October 25, 2011 , and the balance on or before April 25, 2012 (SPE has the option to pay the $200,000 balance in cash or stock, consequently, on closing and an additional one million shares of SPE will be issued to Canadian Imperial Venture Corp. in escrow pending the cash payment). All securities issued in this transaction will be subject to a four month hold period. Full Article
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