Canadian Imperial Venture V.CQV.H

My 2 cents. fwiw.

[JayBe]

After reviewing the press release and reading the messages on the board it is quite obvious that the latest news has created an excitement not seen for some time. I would view the excitement, be it positive or negative, as refresshing. With respect to the press release people seemed to have assumed that the "issue certain securities" portion of the press release refers to common shares. Securities refers to any class of shares as well as bonds and debentures. I would highly doubt the securities contemplated would be common shares as the intention of the issue is to secure the creditors' interests before the common shareholders. I would suspect either a preferred class of shares with conversion privileges or debentures/bonds of some form. I am sure the trustee would be insisting on this partly because, in my opinion, I see the petition under the CCNA as more of an arrangement than a compromise (using the strict definition of those terms.) When I read the part about the Third party, I noticed it was identified by the trust, not by the corporation. Incidently a "third party" I am hoping is arm's length party and would have liked to have seen that point clarified. So CQV has given up 95% of its current interest and can earn a total of 25% by contributing $4M over the life of the $20M exploration plan. What I would like to know is what arrangements have been made with the third party as far as spending is concerned. It appears that the 3rd Party must spend the $20M to earn their 75% interest and that the spending is on a graduated scale. The exact terms and timings of when CQV must make its $4M contribution are unknown saving the fact that they must contribute $2M prior to the end of 2006 to save their 5% carried interest. If the third party spends $5M and hits the 3000 bod well, then we will have no problem raising the $4M without having to much further dilution. In any event, and if they do not contribute their $4M and the third party is successful in its exploration program, the trust maintains the 25% interest until the terms of the trust are met at which point the trust is terminated and CQV gets its 25% share. I think this might need some clarification but on my interpretation of the release this seems the most logical. The long and the short of the press release is that yesterday we had nothing and today we have a $20M exploration program the cost of whihc is unknown. Have we given away to much??? dunno but time will tell. All the above is just my honest opinion. Not pumping and I am a shareholder. JB.