VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2012) - Cobra Venture Corporation ("Cobra" or the "Corporation") (TSX VENTURE:CBV) announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which shall commence on April 24, 2012 and terminate on April 23, 2013 or the earlier of the date all of the shares which are subject to the Normal Course Issuer Bid are purchased.
In the opinion of the board of directors of Cobra, the market price of the common shares of the Corporation ("Common Shares") does not accurately reflect the value of those shares. As a result, Cobra's Common Shares may continue to become available for purchase at prices which make them an appropriate use of funds of the Corporation.
The Corporation intends to attempt to acquire up to an aggregate of 795,187 of its Common Shares over the next 12 month period representing approximately 5% of the issued and outstanding Common Shares. There were 15,903,748 Common Shares issued and outstanding as of April 17, 2012.
The Corporation has not purchased any of its Common Shares in the last 12 months, other than in connection with the sale of certain of the Corporation's assets to Keystone Royalty Corp. on February 2, 2012, when it acquired 1,767,000 Common Shares at a deemed price of $0.30 per Common Share as partial satisfaction of the purchase price of such assets. The 1,767,000 Common Shares were subsequently cancelled. For additional information regarding this transaction, please see the Cobra's press release of February 3, 2012.
Purchases subject to this Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange by McIver Wealth Management Consulting Group, Richardson GMP Limited on behalf of Cobra. All common shares of the Corporation purchased by Cobra under the Normal Course Issuer Bid will be returned to treasury and cancelled.
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. Common shares of the corporation trade on the TSX Venture Exchange under the symbol CBV.
Daniel B. Evans, President and CEO
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