More bad news!"The 20,000,000 Acquired Shares represent 9.46% of the issued and outstanding common shares of Shoal Point."
Right out of the gate and CIVC's ownership in SPE has been cut to below 10%. I did a calculation earlier that showed where the original 10.2% figure came from...
https://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=cqv&t=list&m=30225743&l=0&pd=0&r=0
FYI : 10.2% ownership in SPE is determined as follows:
176,486,812 common shares issued and outstanding
+ 20,000,000 Issued to CIVC
= 196,486,812 Total SPE shares issued
CIVC's percentage = 20,000,000 / 196,486,812 = 10.17% or 10.2%
CNSX still shows the same amount of issued and outstanding (I&O) SPE shares but it also indicates a large number that are reserved...
https://www.cnsx.ca/Page.asp?PageID=2013&AA_RecordID=344
Issued & Outstanding: 176,486,812
Reserved for Issuance: 86,391,697
If 20M now represents only 9.46% of SPE's I&O shares then the number that must now be I&O is 20,000,000 / .0946 = 211,416,490 which is (211,416,490 - 176,486,812 =) 34.9M more than are presently indicated.
The math suggests that SPE has issued 35M new shares recently of which CIVC gets 20M. This means CIVC isn't entitled to representation on SPE's board since one condition of the agreement was that it maintained 10.17% minimum of the I&O shares. Surprise! Surprise!
You would think the fact that CIVC will no longer be entitled to representation on SPE's board would be considered material information that would warrant a news release prior to Monday's vote.
So now CIVC is a simple shareholder in SPE and has no right to promote itself based on the progress that SPE makes on 3K-39 or anything else oil related in the area. The only thing that will move this stock now is "earth moving" news related to the twins.
But there's more!
Have you noticed how many shares ahave been issued by CIVC? I have and I thought I'd determine how CIVC faired against other companies on the TSX-V. The following table is a summary of all listed companies and shows the 14 with the greatest number of issued shares along with the priice...
| SYM |
DESCRIPTION |
Last |
ShOS |
| CJO |
CERRO RESOURCES NL |
0.18 |
718768606 |
| FO |
FALCON OIL & GAS LTD |
0.175 |
694316800 |
| SNM |
SHAMARAN PETROLEUM CORP |
0.4 |
680483860 |
| ZMR |
ZARUMA RESOURCES INC |
0.07 |
652320285 |
| KWG |
KWG RESOURCES INC. |
0.08 |
636878941 |
| PMI |
PETROMANAS ENERGY INC. |
0.135 |
630991466 |
| AXM |
AXMIN INC. |
0.05 |
628271747 |
| UCG.U |
UNITED CHINA INTERNATIONAL |
0.005 |
596114784 |
| PTA |
PETROAMERICA OIL CORP |
0.1 |
578331594 |
| RPT |
ARPETROL LTD. |
0.09 |
571537504 |
| MJS |
MAJESTIC GOLD CORP. |
0.19 |
566350582 |
| RML |
RUSORO MINING LTD |
0.125 |
530120623 |
| LGC |
LUNA GOLD CORP |
0.49 |
522550895 |
| CQV |
CANADIAN IMPERIAL VENTURE CORP. |
0.02 |
513588361 |
CIVC has made this list and in addition to that it has the lowest share price of all those listed, which arguably makes this THE most diluted and oversold company on the exchange.
You can expect to hear management announce that a consolidation is necessary to correct this situation.
I'm out and have been so ever since the deal was announced but I know there are people there hanging in and holding on to hope. To recover from this you'll have to be smarter that the average bear.
Just my opinion folks!