Idaho Natural Resources

Idaho Natural Resources

June 11, 2012 18:24 ET

Idaho Natural Resources Corp. Announces Issuance of Shares for Debt

CALGARY, ALBERTA--(Marketwire - June 11, 2012) - Idaho Natural Resources Corp. (formerly Bridge Resources Corp.) (the "Corporation") (NEX:IDN), announces today that it has received NEX approval to issue common shares in the capital of the Corporation ("Shares") in exchange for certain outstanding debts of the Corporation. Settlement agreements representing an aggregate indebtedness of $250,000 owed to two former officers and directors of the Corporation have been reached in respect of such debt. Pursuant to the settlement agreements: (i) the former officers and directors have already received cash payments in the aggregate of $75,000; (ii) the Corporation intends to issue 266,666 Shares at a deemed price of $0.375 per Share representing an aggregate debt repayment of $100,000; and (iii) the former officers and directors of the Corporation expect to receive an additional aggregate cash payment of $75,000 prior to April 5, 2013. The Corporation has also received approval of NEX to settle certain amounts owed to management and directors of the Corporation for past services which have not been compensated for in the aggregate amount of $130,000 at a deemed price per Share of $0.375 representing an aggregate of 346,666 Shares.

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 proposed issuances of Shares for debt and other statements that are not historical fact. 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