Infinity Alliance Ventures Inc.

July 31, 2008 19:02 ET

Infinity Announces Conditional Acceptance for Qualifying Transaction and Filing of Filing Statement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Infinity Alliance Ventures Inc. (the "Company") (TSX VENTURE:IAV.P) is pleased to announce that further to its news release of October 4, 2007, the TSX Venture Exchange (the "Exchange") has conditionally accepted the acquisition (the "Acquisition") by the Company of all of the issued and outstanding shares in the capital stock of CBM Asia Development Corp. ("CBM"). CBM is a private company which holds the rights to earn participating interests in the exploration and development of coal bed methane from two claim blocks on the eastern side of Kalimantan Island, Indonesia.

The Company's filing statement dated July 28, 2008, which describes the terms of the Acquisition, has been filed with the Exchange and the applicable securities commissions and is available for review on SEDAR under the Company's profile at

Concurrent with the closing of the Acquisition, the Company intends to complete the previously announced brokered private placement (the "Concurrent Financing") of a minimum of 5,000,000 units and a maximum of 8,333,333 units at a price of $0.60 per unit, for gross proceeds of between $3,000,000 and $5,000,000. Each unit will consist of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share at a price of $0.90 for a period of two years. Closing of the Acquisition and Concurrent Financing is expected to occur within the next 7 business days.

The common shares of the Company are currently halted from trading in accordance with the policies of the Exchange. Upon completion of the Acquisition and the Concurrent Financing the Company's shares will be reinstated for trading under the new symbol "TCF".

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Infinity Alliance Ventures Inc.
    Jagdip Bal
    President and Director
    (604) 685-9568
    Infinity Alliance Ventures Inc.
    Clint B. Sharples
    (250) 869-6650