Corridor Resources Inc. Announces Additional Private Placement
Halifax, Nova Scotia, December 19, 2000: Corridor Resources Inc. ("Corridor") ("CDH" - CDNX) is pleased to announce that it has agreed to issue, on a private placement basis, up to an additional 1,000,000 common shares at a price of $1.10 per share, to be issued on an equity or Flow Through basis, at the discretion of Corridor. This private placement will close concurrent with the private placement announced December 15, 2000 of up to 3,000,000 Flow Through common shares at a price of $1.10 per share and up to 1,000,000 equity common shares at a price of $1.00 per share. Proceeds from the private placement will be directed towards Corridor's ongoing exploration expenditures and general corporate purposes. The private placement is subject to regulatory and stock exchange approval.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests in five million acres of petroleum exploration licenses in Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
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.
