Corridor Resources Inc.

Corridor Resources Inc.

May 07, 2009 07:59 ET

Corridor Resources Inc. Announces Normal Course Issuer Bid

HALIFAX, NOVA SCOTIA--(Marketwire - May 7, 2009) - Corridor Resources Inc. ("Corridor") (TSX:CDH) announces that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid. Corridor has not previously undertaken a normal course issuer bid ("NCIB").

As of May 4, 2009, there were 87,629,634 common shares of Corridor ("Common Shares") outstanding. Under the terms of the NCIB, Corridor intends to acquire 1,000,000 Common Shares during the period from May 11, 2009 to May 10, 2010 or such earlier date as Corridor may complete its permitted purchases of Common Shares under the NCIB. Pursuant to the TSX policies, the aggregate number of Common Shares that Corridor may purchase under the NCIB during any trading day is subject to a daily maximum purchase limit of 60,779 Common Shares from May 11, 2009 to the termination of the NCIB. This daily purchase limit is subject to certain exceptions prescribed by the TSX including the "block purchase exception".

All purchases of Common Shares will be effected through the facilities of the TSX and all Common Shares purchased will be cancelled by Corridor. The actual number of Common Shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Corridor. Common Shares will be purchased at the prevailing market price at the time of purchase and will be purchased on behalf of Corridor by Jennings Capital Inc., as Corridor's registered investment dealer, in accordance with the rules and policies of the TSX.

"We believe our share price and the underlying assets within our business are undervalued, and with our solid financial position we are pleased to be able to support our share value and therefore our shareholders during these difficult market conditions", stated Norman Miller, Corridor's President and CEO. As a result, depending upon future price movements and other factors, Corridor believes that its outstanding common shares may represent an attractive investment.

Corridor is a junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas reserves in the McCully Field near Sussex, New Brunswick and has recently discovered crude oil reserves in the Caledonia Field, near Sussex, New Brunswick. In June 2007, Corridor completed the construction of a field gathering system, a gas plant and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline.

Contact Information

  • Corridor Resources Inc.
    Norman W. Miller
    902-429-0209 (FAX)