Cobra Venture Corporation Announces $300,000 Private Placement and Grant of Stock Options
27 May 2010 - 3:24PM
Marketwired
Cobra Venture Corporation (the "Corporation") (TSX VENTURE: CBV)
announces that it plans to complete a non-brokered private
placement of up to 2,000,000 common shares in the capital of the
Corporation issued on a "flow-through basis" (the "FT Shares") at a
price of $0.15 per FT Share, for gross proceeds of up to $300,000
(the "Offering").
The Offering is subject to receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange (the
"TSXV"). The securities issued pursuant to the Offering will be
subject to a four (4) month hold period. Closing of the Offering is
expected to occur on or about June 21, 2010. Net proceeds of the
Offering are intended to be used by the Corporation to fund ongoing
exploration programs of the Corporation. It is anticipated that
certain insiders of the Corporation will participate in the
Offering.
Further, the Corporation announces that it is granting 600,000
stock options to current directors, officers and consultants of the
Corporation. The stock options permit each individual to purchase
common shares of the Corporation ("Common Shares") at an exercise
price of ($0.175) per Common Share, a price which equals the close
of market trading price on May 25, 2010 (the last day the Common
Shares traded on the TSXV), for a period of five (5) years from the
date of issuance. One quarter (1/4) of the options granted to each
of the foregoing persons will vest immediately, with a further one
quarter (1/4) to vest on the six, twelve and eighteen month
anniversary of the granting of the options.
Cobra Venture Corporation is an emerging energy corporation
focused on the acquisition and development of strategic oil and
natural gas reserves in Western Canada. Common shares of the
corporation trade on the TSX Venture Exchange under the symbol
CBV.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any sate securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Cautionary Statements
Certain statements contained in this release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Corporation's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward-looking information relating to the
intention of the parties to complete the Offering, including the
amount and use of the gross proceeds, the participation of insiders
in the Offering and the anticipated closing date of the Offering.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are
based on information currently available to the Corporation. The
material factors and assumptions include being able to obtain the
necessary director and regulatory approvals and Exchange policies
not changing. Risk Factors that could cause actual results or
outcomes to differ materially from the results expressed or implied
by forward-looking information include, among other things:
conditions imposed by the Exchange, the failure to obtain the
required directors' approval to the proposed Offering; general
economic and business conditions; and changes in the regulatory
regulation. The Corporation cautions the reader that the above list
of risk factors is not exhaustive. The forward-looking information
contained in this release is made as of the date hereof and the
Corporation is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Cobra Venture Corporation Daniel B. Evans, President
and CEO (604) 922-2030 Canadian Toll Free: 1-888-888-9122 US Toll
Free: 1-888-888-9123 www.cobraventure.com
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