Idaho Natural Resources

Idaho Natural Resources

June 14, 2012 16:30 ET

Idaho Natural Resources Corp. Announces Closing of Private Placement and Shares for Debt Issuance

CALGARY, ALBERTA--(Marketwire - June 14, 2012) - Idaho Natural Resources Corp. (formerly Bridge Resources Corp.) (the "Corporation") (NEX:IDN), announces today the closing of a non-brokered private placement financing (the "Private Placement"). Pursuant to the Private Placement, the Corporation issued 493,334 common shares in the capital of the Corporation (the "Shares), at a price of $0.375 per Share for gross proceeds of approximately $185,000. The proceeds of the Private Placement will be used to fund on-going operations and for general administrative purposes.

The Corporation also announces today that it has closed its previously announced shares for debt issuance and has settled an aggregate of $230,000 of outstanding debt in exchange for an aggregate of 613,332 Shares at a deemed price of $0.375 per Share.

The Shares issued under the Private Placement and the shares for debt issuance have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Corporation's securities in the United States.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". More particularly, this press release contains statements concerning the Corporation's use of proceeds from the Private Placement and other statements that are not historical facts. The forward-looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward-looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competition; commodity prices; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; the ability of the Corporation to raise sufficient capital to complete future projects and satisfy future commitments; labour and material shortages; and certain other risks detailed from time to time in the Corporation's public disclosure documents which can be found at Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Idaho Natural Resources Corp.
    Nick Clayton
    Chairman of the Board and Interim Chief Executive Officer