Cumbre Ventures Inc.

March 30, 2007 18:03 ET

Cumbre Ventures Inc.-Completes Private Placement for $1,501,500

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - Cumbre Ventures Inc. (the "Corporation") (TSX VENTURE:CUB.P), a capital pool company, announced today that it has completed a private placement financing of 2,310,000 common shares at a price of $0.65 per share, for gross proceeds to the Corporation of $1,501,500.

The net proceeds of the offering will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" under the capital pool company program of the TSX Venture Exchange.

Canaccord Capital Corporation acted as agent for the offering. In connection with the offering, the agent received an aggregate commission equal to 8% of the aggregate gross proceeds of the sale of the common shares. In addition, the Corporation granted to the agent compensation warrants entitling the agent to purchase up to 184,800 common shares at a price of $0.65 per common share for a period of 24 months from the closing date. The agent also received an administration fee of $10,000.

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

Contact Information

  • Cumbre Ventures Inc.
    Marc Cernovitch, President,
    Chief Executive Officer and Chief Financial Officer
    (604) 685-9316
    (604) 683-1585 (FAX)