COBRA VENTURE CLOSES $300,000 PRIVATE PLACEMENT
December 14, 2007
Mr. Daniel Evans reports
COBRA VENTURE CORPORATION CLOSES PRIVATE PLACEMENT
Cobra Venture Corp. has completed a non-brokered private placement one million units of the corporation at a purchase price of 30 cents per unit for gross proceeds of $300,000. Each unit consists of one common share in the capital of the corporation and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of 35 cents per warrant for a period of 24 months from the date of the closing of the private placement.
Net proceeds of the offering are intended to be used by the corporation to finance exploration programs of the corporation.
Daniel B. Evans, president, chief executive officer, chief financial officer and a director of Cobra, pursuant to the private placement, acquired 123,333 units, thereby increasing his shareholdings in Cobra to 7.86 per cent of Cobra's issued and outstanding common shares before exercise of all convertible securities of Cobra held by Mr. Evans and 10.78 per cent of Cobra's issued and outstanding common shares after taking into consideration the exercise of all convertible securities of Cobra held by him. Mr. Evans now beneficially owns or exercises control or direction over 1,141,767 common shares, and owns a warrant and a stock option to collectively purchase a further 423,333 common shares.
Mr. Evans's intention in acquiring additional common shares was to increase his investment in Cobra. He intends to acquire additional common shares as opportunities arise for investment purposes or through the exercise of outstanding stock options.
For further information or to obtain a copy of the early warning report filed in connection with the above, please contact Mr. Evans at 604-922-2030.
C 2007 Canjex Publishing Ltd.