Deal proceeds slated for working capital; units sold at C$0.05 apiece
By Devika Patel
Knoxville, Tenn., Nov. 1 - Canadian Imperial Venture Corp. said it completed the second tranche of a non-brokered private placement. The offering has raised C$1.1 million, with C$575,000 raised in this tranche. It will settle a third tranche on Nov. 30.
The company sold 11.5 million units at C$0.05 apiece in this tranche. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.10 for two years.
The strike price reflects a 66.67% premium to C$0.06, the Oct. 29 closing share price.
Proceeds will be used for working capital.
The petroleum and natural gas exploration and development company is based in St. John's, Newfoundland and Labrador.
| Issuer: | Canadian Imperial Venture Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.1 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Settlement dates: | Nov. 1 (for C$109,060), Nov. 30
|
| Stock symbol: | TSX Venture: CQV
|
| Stock price: | C$0.06 at close Nov. 1
|
| Market capitalization: | C$28.84 million
|
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