Posted: Thursday Dec 1 6:49:09PM 2011
While nobody has been watching lately or has cared to watch, Cobra Venture (CBV) released the following after hours today. "COBRA VENTURE CORPORATION ANNOUNCES SALE OF SASKATCHEWAN ASSETS Subject to regulatory body and shareholder approval, Cobra Venture Corp. has agreed to sell all of its freehold mineral and royalty interests in Saskatchewan for an amount of $5.25-million, subject to usual industry adjustments, effective as of Jan. 1, 2012. The corporation is expected to call a special meeting of shareholders of the corporation in early 2012 to consider and, if deemed fit, to approve this sale transaction, which is anticipated to close on or about Feb. 1, 2012." Following this sale, assuming it is approved, Cobra Venture will have pre-tax over $7.75 million in cash ($0.44 per share), 3.625 million shares of Zodiac Exploration ($0.05 per share) and additional working capital and minor property assets. Cobra last traded at $0.235.