COBRA ANNOUNCES PROPOSED PRIVATE PLACEMENT OF 2,000,000 UNITS
October 11, 2011
Vancouver, B.C. - Cobra Venture Corporation ("Cobra" or the "Corporation") (TSX Venture : CBV) is pleased to announce that the Corporation intends to complete a private placement of 2,000,000 units ("Unit") at a price of $0.25 per Unit or an aggregate amount of $500,000.00.
Each Unit shall consist of one (1) common share issued on a "flow through" basis ("Flow Through Share") and one (1) regular share purchase warrant ("Warrant"). Each Warrant shall entitle the holder to purchase one (1) further common share of the Corporation for a period of five (5) years from the date of issuance at an exercise price of $0.25. The Corporation may retain agents in connection with the sale of the Units and such agents may receive from the Corporation a cash fee in respect of the gross proceeds received by the Corporation from the sale of Units placed by such agents.
Proceeds from the private placement will be used to fund ongoing exploration and development programs.
This offering of Units is subject to the approval of the TSX Venture Exchange.
About Cobra Venture Corporation
Cobra Venture Corporation is an emerging energy corporation focused on the acquisition and development of strategic oil and natural gas reserves in Western Canada. Cobra is currently exploring and developing oil and natural gas interests in SE Saskatchewan, Central Alberta and NE British Columbia. Cobra is actively involved in prospect generation, and secures working interests at an early stage through farm out and royalty agreements. Cobra retains key ownership positions in multiple projects and employs this strategy to minimize shareholder dilution and maximize shareholder asset value.
The common shares of the Corporation trade on the TSX Venture Exchange under the symbol CBV.
FOR FURTHER INFORMATION PLEASE CONTACT:
|Cobra Venture Corporation
|Daniel B. Evans
|President and CEO
|Canadian Toll Free (888) 888-9122
|US Toll Free (888) 888-9123
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to certain future results and activities of the Corporation, including the contemplated completion of an equity financing. Readers are cautioned to not place undue reliance on forward-looking statements. Forward-looking statements are based on certain key assumptions made by the Corporation, including assumptions related to availability of capital to complete the equity financing and other resources to carry out planned exploration programs. Such forward looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results and developments to differ materially from those contemplated by these statements depending on, among other things, insufficient funds or other resources to carry out the planned exploration programs. The forward-looking statements in this press release are made as of the date of this release and the Corporation undertakes no obligation to update publicly or revise any forward looking statements whether as a result of new information or otherwise, except as required by applicable securities laws. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation or its financial or operating results or (as applicable) their securities.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.