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| Home : Idaho Natural Resources Corp. Announces Issuance of Shares for Debt |
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Jun 11
2012 |
Idaho Natural Resources Corp. Announces Issuance of Shares for Debt |
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CALGARY, ALBERTA--(Marketwire - June 11, 2012) - Idaho Natural Resources Corp. (formerly Bridge Resources Corp.) (the "Corporation") (NEX:IDN), announces today that it has received NEX approval to issue common shares in the capital of the Corporation ("Shares") in exchange for certain outstanding debts of the Corporation. Settlement agreements representing an aggregate indebtedness of $250,000 owed to two former officers and directors of the Corporation have been reached in respect of such debt. Pursuant to the settlement agreements: (i) the former officers and directors have already received cash payments in the aggregate of $75,000; (ii) the Corporation intends to issue 266,666 Shares at a deemed price of $0.375 per Share representing an aggregate debt repayment of $100,000; and (iii) the former officers and directors of the Corporation expect to receive an additional aggregate cash payment of $75,000 prior to April 5, 2013. The Corporation has also received approval of NEX to settle certain amounts owed to management and directors of the Corporation for past services which have not been compensated for in the aggregate amount of $130,000 at a deemed price per Share of $0.375 representing an aggregate of 346,666 Shares. |
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| Source:http://www.marketwire.com/mw/release.do?id=1667957&sourceType=3 |
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