Corridor Completes Flow Through Financing
Halifax, Nova Scotia, December 13, 2002: Corridor Resources Inc. ("Corridor") (CDH - TSX Venture Exchange) announced today that it has closed its previously announced flow-through share financing. As a result of an over-subscription for the flow-through shares and an increase in the Corporation's exploration expenditures in the Gulf of St. Lawrence, the offering was increased from 500,000 flow-through shares to 900,000 flow-through shares for gross proceeds of $810,000. The shares are subject to a hold period which expires on April 13, 2003. A commission of 4% was paid on a portion of the proceeds resulting in total commissions of $17,892.
The gross 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.
