Corridor Completes Non-Flow Through Financing
Halifax, Nova Scotia, January 24, 2002: Corridor Resources Inc. (CDH - CDNX) announced today that it has completed the second portion of its previously announced special warrant financing. Corridor has closed a private placement of 354,000 non-flow through special warrants at a price of $1.70 per special warrant for gross proceeds of $601,800. The funds will be utilized for general corporate purposes.
This financing is in addition to the $2,025,000 raised from the previously announced private placement of 1,012,500 flow through special warrants at a price of $2.00 per special warrant.
Each flow through special warrant and non-flow through special warrant is exercisable for one common share of Corridor (subject to adjustment in the case of the non-flow through special warrants) for no additional consideration. Corridor expects to file a preliminary prospectus in connection with the distribution of common shares upon the exercise of the special warrants by early February 2002.
Jennings Capital Inc. acted as exclusive agent of Corridor in connection with the financings.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence.
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.
