Cumberland Oil & Gas Ltd.(TSX VENTURE:COG) reported its application for graduation to a Tier 1 issuer on the TSX Venture Exchange has been accepted by the TSXV.

The press release is quoted as saying:

As a result of Cumberland’s graduation to a Tier 1 issuer, the common shares (“Common Shares”) of Cumberland (and its predecessor entities) previously deposited in escrow pursuant to the rules of the TSXV will now be governed by the release provisions of “Tier 1 Value Escrow”. As such, an aggregate of 1,142,581 Common Shares will be immediately releasable from escrow and an aggregate of 8,569,356 Common Shares that will remain in escrow will be released from escrow as follows: 2,856,452 Common Shares are releasable September 10, 2010; 2,856,452 Common Shares are releasable on March 10, 2011; and the remaining 2,856,452 Common Shares are releasable on September 10, 2011.

Click here to access the entire press release

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