Canwealth Minerals Corporation Enters into Letter of Intent for Proposed Merger with USG1, Inc.
Jun 06, 2012
OTC Disclosure News Service
New York, N.Y. Montreal Canada –
New York, Montreal, June 6th, 2012 – Canwealth Minerals Corporation “Canwealth” and majority shareholder, ICBS Ltd., (OTCPK: ICBT), announced today that it has signed a letter of intent for a business combination or merger with USG1, Inc. “USG1”
Representatives from ICBS and Canwealth have engaged in actively seeking a public U.S. company for a reverse merger. The merger would allow Canwealth to become a publicly traded company within a relatively short time. An initial IPO was ruled out because of the lengthy and expensive process prior to being able to trade its stock. A reverse merger could see Canwealth trading within 30-60 days after the completion of the reverse merger.
USG1 is a public, blank check company, as defined by the U.S. Securities and Exchange Commission, with no prior trading history. The specifics of the merger are still being discussed and cannot be disclosed at this time, but both parties intend to consummate the deal as quickly as possible. USG1 CEO Kimi Royer: “We are excited about the opportunity to help launch Canwealth into a successful public company, and believe Canwealth has an enormous future with their current mineral claims.”email@example.com
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