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.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.1 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Settlement dates: | Nov. 1 (for C$109,060), Nov. 30
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Stock symbol: | TSX Venture: CQV
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Stock price: | C$0.06 at close Nov. 1
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Market capitalization: | C$28.84 million
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