Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (8388)	5/27/2002 5:26:53 PM
From: Al Collard	Respond to of 11802

CQV-v...in the news: Cdn Imperial Venture arranges $3-million financing Mon 27 May 2002 Mr. Kirby Mercer reports CANADIAN IMPERIAL VENTURE CORP. ANNOUNCES $3,000,000 FINANCING Canadian Imperial Venture has negotiated a non-brokered private placement of 10 million units at a price of 30 cents each, for a total of $3-million. Participants in the private placement can choose one of the following two options or a combination of the two: Flow-through units Each unit consists of one flow-through common share in the capital of the company. Non-flow-through units Each unit consists of one common share in the capital of the company and one-half of one non-transferable share purchase 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 50 cents per share. All securities issued under the private placement will be subject to a 12-month hold period. However, the company will use its best efforts to file an annual information form before closing that would reduce the hold period on the private placement to four months. The proceeds from the private placement will be used to advance the development of the company's Garden Hill oil field. The private placement is subject to regulatory acceptance. Certain of the directors will be participating in the private placement. Their participation is being financed by the proceeds from prearranged past sales of common shares of the company personally held by the directors. As a result of last year's drilling program and recent flow and pressure testing of Port au Port No. 1 at Garden Hill, the company's exploration consultant, Tectonics Inc., has made further refinements of the geological model for the prospective inversion fairway, which the company now holds under lease. This model, while unique in itself, incorporates elements from the giant, fracture-controlled Albion-Scipio fields in Michigan, karsting and multistage dolomolization as seen in the Ellenberger formation of west Texas and the hydrothermal dolomite reservoir of the Ladyfern field of northeastern British Columbia. Based on these considerations, the prospective inversion fairway, which includes Garden Hill South, has the potential to contain hydrocarbons in the range of 200 million to 400 million barrels of oil equivalent (boe) recoverable. As part of its multiwell drilling program for its Garden Hill field, the company has predrilled and set conductors for Port au Port No. 2 and No. 3. It has also engineered and built a concrete pad to allow the Simmons No. 31 drill rig to skid over, drill and/or work over Port au Port No. 1, No. 2 or No. 3. The company originally spudded Port au Port No. 2 on July 31, 2001, and it was drilled, cased and suspended at 500 metres. Simmons Drilling will commence rigging up on June 4, 2002, for the re-entry and drilling of Port au Port No. 2. Port au Port No. 2 will be drilled to a target structurally higher and approximately 300 metres north-northeast of Port au Port No. 1. At this location, the company anticipates improved reservoir quality within the oil leg produced in Port au Port No. 1, allowing for higher production rates estimated to be in the range of 2,000 to 8,000 barrels of oil per day. Projected depth for Port au Port No. 2 is 3,650 metres. Canadian Imperial, as the operator of the Garden Hill field, holds a 50-per-cent working interest in the development. Under this agreement, the company's partners must contribute 50 per cent of the drilling and development costs in order to maintain their working interest.