Penicle digestPinnacle Digest: Canadian Imperial Venture Corp: Sector Insight
Dec 01, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Canadian Imperial Venture Corp. (TSX-V: CQV) is currently being affected by its recent announcement to proceed with a non-brokered private placement of up to 6,666,667 units at a price of $0.15 each, for a total of up to $1,000,000. The response to this type of issue is more often than not positive. Thursday however disappointed shareholders as they witnessed their share value drop 6.06% following the exchange of 1,683,500 shares traded throughout the day. PinnacleDigest knows this sector has a strong relationship with individual companies and will be evaluating it further. To find out why our client base continues to grow, come explore www.pinnacledigest.com.
The price for sweet crude oil closed Thursday at $62.84 a barrel. Pressure is slowly mounting for winter heating fuels. However, the National Weather service has reported temperatures may be above average in the 5 days following November 29th. US stockpiles have also jumped to the highest level since June of this year. Crude stockpiles are expected to be high during the summer months; they rarely reach highs during the winter simply because of heating fuel needs.
The company's main investment is the Port au Port area in Western Newfoundland however Canadian Imperial has just acquired additional resource plays in Alberta. This would explain the need for more financing especially if the company was looking to expand into other oil and gas properties. According to representatives, each Unit of the private placement consists of one common share in the capital of the Company and one half non-transferable share purchase warrant. One 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 $0.175 per share. As with most private placements Canadian Imperial states that the proceeds will go to working capital. To continue this read and to follow up on Canadian Imperial Venture Corp. come explore www.pinnacledigest.com.
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