NEW YORK, February 3 (FinanceEnquiry.com) - Canadian Imperial Venture Corp is acquiring private mining exploration company Carina Energy, Inc. The buyer has already signed a letter of intent with the Toronto, Ontario-based company for the acquisition. As a part of the agreement, CIVC will purchase all of the issued and outstanding securities of Carina and will become a wholly-owned unit of CIVC.  In order to close this deal, the company being acquired has to complete a financing of its common shares to raise proceeds of between $500,000 and $1 million. 

If the maximum amount of the Carina financing is completed, then the company will have 85,135,204 common shares issued and outstanding and 50,358,445 share purchase warrants outstanding. The transaction requires receipt of shareholder approval of Carina and receipt of all requisite regulatory approvals including the TSX Venture Exchange. Following the acquisition, one person will be nominated by Carina to become member of the board of directors of the buyer. Headquartered in Canada, Canadian Imperial Venture Corp is an independent energy company. It is a leader in the Green Point oil-in-shale play. Currently, the company is taking part in three drilling projects in the Paleozoic Anticosti foreland basin of the Appalachian orogenic belt.