Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

January 17, 2008 14:46 ET

Bridge Resources Corp. Completes Additional Closing of Its Previously Announced Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge" or the "Corporation") has completed a further closing of its previously announced private placement (the "Offering") due to additional market interest. Bridge, through Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. (the "Agents"), issued a further 365,000 units of the Corporation ("Units") at a price of $0.85 per Unit for gross proceeds of $310,250 in a third and final tranche closing. Each Unit consists of one common share of Bridge ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of 24 months following the closing of the Offering and entitles the holder thereof to acquire one additional Common Share at a price of $0.95 per Common Share. The securities are subject to a four month resale restriction.

Total proceeds of the Offering are now $44,271,576.

The Agents were paid a commission of 6% of the proceeds.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the UK North Sea where it holds 100% interest in 11 offshore exploration blocks located in the Southern Gas Area, and 100% interest in 6 offshore exploration blocks in the Central Oil Area. In addition, Bridge has reached agreement with Century Exploration (UK) Ltd and Charbella Energy Ltd to acquire a 50% interest in four additional Southern Gas Area blocks subject to approval by the Secretary of State. In aggregate, Bridge's blocks cover over 2,700 square kilometres. Bridge's first North Sea well, 48/21a-4, is scheduled to commence late-February/early-March 2008 utilizing the Ensco 100 rig.

This news release may contain forward-looking statements based on assumptions and judgments of management of Bridge regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Bridge disclaims any intention or obligation to revise or update such statements except as may be required by law.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

Contact Information