Corridor Announces $450,000 Private Placement Of Flow Through Common Shares
Halifax, Nova Scotia, November 28, 2002: Corridor Resources Inc. ("Corridor") (CDH - TSX Venture Exchange) announced today that it is proceeding with a non-brokered private placement of up to 500,000 flow-through common shares of Corridor at a purchase price of $0.90 per share, resulting in gross proceeds of up to $450,000. The shares will be issued pursuant to prospectus exemptions available under applicable securities legislation.
The private placement is anticipated to close on or before December 13, 2002 and is conditional upon receiving regulatory approval, including approval of the TSX Venture Exchange.
The net proceeds from the private placement will be used to carry out part of a seismic program on Corridor's permits in the Gulf of St. Lawrence, including the Old Harry prospect.
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.
