2009-08-10-2008-05-01-2008-05-01

Closed second tranche of interests in Garden Hill properties.

St. John's, Newfoundland-based PDI Production Inc. and Gestion Resources Ltd. have closed the second tranche of the acquisition of interests in the Garden Hill properties and the granting of a nonexclusive perpetual license for intellectual property from Canadian Imperial Venture Corp., St. John's, Newfoundland, (Toronto Venture: CQV) for C$1 million, bringing the total consideration to $5 million. The first closing of C$4 million took place on Jan. 18. One half this C$1 million payment has gone to CIVC Creditor Corp. Canadian Imperial has the right to recover the total of C$1.5 million in payments made to CIVC Creditor Corp. through a royalty on production from the Garden Hill properties.