Cobra Venture Corporation

Cobra Venture Corporation

December 14, 2007 16:02 ET

Cobra Venture Corporation Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2007) - Cobra Venture Corporation (the "Corporation" or "Cobra") (TSX VENTURE:CBV) announced today that it completed a non-brokered private placement (the "Private Placement") of 1,000,000 units ("Units") of the Corporation at a purchase price of $0.30 per Unit for aggregate gross proceeds of $300,000. Each Unit consists of one (1) common share in the capital of the Corporation (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) Common Share at an exercise price of $.35 per Warrant for a period of twenty-four (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 fund ongoing exploration programs of the Corporation.

Daniel B. Evans, President, Chief Executive Officer, Chief Financial Officer and a director of Cobra, and pursuant to the Private Placement, acquired 123,333 Units, thereby increasing his shareholdings in Cobra to 7.86% of Cobra's issued and outstanding Common Shares before exercise of all convertible securities of Cobra held by Daniel B. Evans and 10.78% of Cobra's issued and outstanding Common Shares after taking into consideration the exercise of all convertible securities of Cobra held by Daniel B. Evans. 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' intention in acquiring additional Common Shares was to increase his investment in Cobra. Mr. Evans 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 Daniel B. Evans at (604) 922-2030.

About Cobra Venture Corporation

Cobra is an oil and natural gas production and exploration corporation currently producing, exploring and developing oil and natural gas interests in Pembina, Alberta, NE British Columbia and SE Saskatchewan. Cobra is actively involved in prospect generation, and secures working interests at an early stage. Through farm out and royalty agreements Cobra joint ventures with third parties to operate and develop the prospects. Cobra retains key ownership positions in multiple projects and Cobra employs this strategy to minimize shareholder dilution and maximize shareholder asset value.

Cobra Venture Corporation is an emerging energy corporation focused on the acquisition and development of strategic oil and natural gas reserves in the Western Canada. Common shares of the Corporation trade on the TSX Venture Exchange under the symbol CBV.

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

Contact Information

  • 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
    QIS Capital
    Doren Quinton
    (250) 376-8989