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| Home : Idaho Natural Resources Corp. Fails to Secure Financing to Close Its Acquisition of an Interest in the Willow-Hamilton Development Area - Idaho |
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Oct 26
2012 |
Idaho Natural Resources Corp. Fails to Secure Financing to Close Its Acquisition of an Interest in the Willow-Hamilton Development Area - Idaho |
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CALGARY, ALBERTA--(Marketwire - Oct. 26, 2012) - Idaho Natural Resources Corp. (the "Corporation") (NEX BOARD:IDN), announces today that it has been unsuccessful in all attempts to secure the necessary funding to close its proposed acquisition of a 10% working interest (the "Interest") in the Willow-Hamilton Development Area, incorporating the Willow and Hamilton gas and condensate fields. As a consequence, the company will forfeit the $75,000 earnest money payment made to the operator of the Idaho properties, under the terms of the Purchase and Sale Agreement ("The Agreement"), consummated on August 1, 2012. The Corporation currently has very limited cash resources and is considering all alternatives, including whether it is able to continue as a going concern. Further announcements will be made in due course once a definitive course of action has been determined. |
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| Source:http://www.marketwire.com/mw/release.do?id=1718380&sourceType=3 |
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