SHOAL POINT ENERGYSHOAL POINT ENERGY LTD. ANNOUNCES ADDITIONAL FINANCING OF $3,836,000 AT
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Shoal Point Energy Ltd. has received additional financing totalling $3,836,000 as a result of the exercise of warrants at 28 cents, resulting in the issue of 13.7 million common shares. The warrants were exercised by two institutional investors who had participated in the private placement financing in November 2010. No commissions or finders fees were paid on the exercise of these warrants.
The funds will used to pay for some of the costs of drilling the new well, 3K-39, which is being drilled on the Company's joint venture exploration property (EL 1070) in western Newfoundland. At this time, contracts are signed for the drill rig and the delivery of the rig to the property and drilling is expected to commence on or about December 31, 2010.
The Partners in EL 1070 are Shoal Point, Canadian Imperial Venture Corp. (CIVC) and Fire Horse Energy Limited (Fire Horse).
Canadian Imperial Venture Corp. - 3K-39 Drilling Update - Western Newfoundland
Trading Symbols:
TSX-V: CQV
Frankfurt Exchange: DFM
ST. JOHN'S, NL, Dec. 16 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to provide the following progress report on the planned 3K-39 well on EL 1070 in Western Newfoundland. Dragon Lance Management Company, Operator of the well, has informed the Company that Nabors Rig #112 is now available for transport and that Crane-Tec Services Inc. have been contracted to deliver the rig to the drill site from its current location in New Brunswick. Marine Contractors Limited will carry out the necessary site work prior to the rig's arrival and it is expected that the rig will be in place and ready to commence operations on or about December 31, 2010.
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