Halifax, Nova Scotia, December 29, 1998: Corridor Resources Inc. (CDH - ASE) announced today that it closed a private placement of 1,150,000 common shares at 60 cents each, 950,000 of which were issued on a Flow Through basis, for total proceeds of $690,000. The funds will be directed towards exploration expenditures in New Brunswick and Quebec in 1999.
Corridor is a junior natural resource corporation focussing on oil and gas exploration in eastern Canada. The head office of Corridor is located in Halifax, Nova Scotia, and its common shares trade on the Alberta Stock Exchange under the symbol CDH.
This press release contains certain forward looking statements relating to, but not limited to, Corridor's operations, anticipated financial performance, business prospects and strategies, including expectations relating to production levels; capital expenditure programs; the quantity of natural gas reserves; projections of market prices; projections of costs; supply and demand for natural gas; expectations regarding the ability to raise capital and to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation to, the following factors: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, dependence on key personnel, dependence on Potash Corporation of Saskatchewan, Inc., availability of drilling equipment and access, risks may not be insurable, management of growth, expiration of licenses and leases, reserves estimates, seasonality, competition, conflicts of interest, Kyoto Protocol, issuance of debt, title to properties and hedging. There is no representation by Corridor that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this press release are made as of the date hereof, and Corridor undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise.