Corridor Completes Private Placement, Raises $1.45 Million
Halifax, Nova Scotia, November 19, 2003: Corridor Resources Inc. (CDH - TSX-V) announced today that it has completed a private placement of 1,610,000 flow-through common shares at a price of $0.90 per share, which represents an increase of 110,000 flow-through common shares beyond the initial 1,500,000 flow-through common shares announced by Corridor on November 4, 2003. Gross proceeds from the offering were $1,449,000. A cash commission of 6% was paid in respect of sales of common shares by brokers. These common shares are subject to a four month hold period from the date of issuance.
Proceeds from the flow-through shares will be utilized to undertake a 3-D seismic survey across the northern part of the McCully field, located near Sussex, New Brunswick. The results of this survey are expected to be beneficial in determining future development well locations as part of an expanded field development plan aimed at connecting McCully natural gas production to the Maritimes & Northeast Pipeline located 45 kilometres to the north of the McCully field.
The private placement is subject to final approval by the TSX Venture Exchange.
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.
