Edda Resources Inc.

May 01, 2008 12:38 ET

Edda Resources Changes Its Name to Razore Rock Resources Inc., Elects One New Director and Acquires New Property

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Edda Resources Inc. ("Edda" or the "Company") is pleased to announce that all matters outlined in the Information Circular dated March 24, 2008 were approved by shareholders at the Annual and Special Meeting held on April 28, 2008 including its change of name to Razore Rock Resources Inc. and the election of Mr. Antonio (Mel) de Quadros to the Board of Direcors.

The Board of Edda wishes to welcome Mr. de Quadros to the Board of Directors. Mr. de Quadros has been involved in the mining industry since 1964. He has worked as a consultant and geologist around the world including in Africa and South America. Mr. De Quadros has a Ph.D. in geology and is a professional engineer in the provinces of Ontario and British Columbia. The Board of Directors would like to thank Mr. Paul Berry for his services to the Company as an officer and director since 1997.

The Company also wishes to announce that it has agreed to acquire an additional mining claim in Manitoba (DUFF 7650) (the "Claim") from Mr. James Parres, a director of the Company. The Claim is contiguous to the Company's four mining claims in the Flin Flon area of Manitoba comprising 1010 hectares. Under the terms of the agreement, the Company will issue 100,000 common shares and reimburse $945 (including G.S.T.) in staking costs to Mr. Parres. Mr. Parres will retain a 2% Net Smelter Returns Royalty ("NSR") in the Claim. A 1% NSR can be acquired from Mr. Parres for $1,000,000.

The issuance of 100,000 common shares to James Parres and the acquisition of the Claim from James Parres are exempt from the valuation and shareholder approval requirements of Multilateral Instrument 61-101 (the "MI61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI61-101 in that the fair market value of the transaction does not exceed 25% of Edda's market capitalization.

Contact Information

  • Edda Resources Inc.
    Mr. William R. Johnstone
    Secretary-Treasurer and a director of the Company
    (416) 865-6605