Corker Resources Inc. Completes Offering and Proposed Major Transaction.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 10, 1997-- Corker cork·er n. 1. One that corks bottles, for example. 2. Slang A remarkable or astounding person or thing. corker Noun Old-fashioned slang (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). CRK CRK Creek CRK Crank CRK Christian Religious Knowledge CRK Cable Repair Kit CRK Consumer Remote Keyboard (GE/RCA remote control model designation) CRK Clark Field, Luzon Island, Philippines (Airport Code) .) CORKER RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (the "Corporation") is pleased to announce that it has successfully completed a junior capital pool offering of 1,000,000 common shares for gross proceeds of $200,000. On February 3, 1997, the Corporation entered into a letter of intent with Pensionfund Energy Resources Limited ("PERL"), a private Alberta company, for the purpose of acquiring PERL's entire undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in the Wayne Rosedale oil field in the Province of Alberta for $271,000 cash. This acquisition would be a partially non-arm's length transaction in that one of the officers of the Corporation is also an officer of PERL. On the same date, the Corporation entered into a letter of intent with HOOPP HOOPP Hospitals of Ontario Pension Plan (Canada) Resources Inc. ("HOOPP") to acquire an unpromoted 18.7 percent interest in HOOPP's interest in approximately 35 sections of land including eight shut-in gas wells in the Garden Plains area of southern Alberta Southern Alberta is a region located in the Canadian province of Alberta. As of the year 2004, the region's population was approximately 272,017[1][2]. . In addition, HOOPP recently purchased eight shut-in gas wells in the Garden Plains property and Corker will be allowed to participate to 18.75 percent of HOOPP's interest in these lands as well. The total cost to Corker will be $90,887.00 cash. This acquisition would be a partially non-arm's length transaction in that one of the officers of the Corporation is also an officer of HOOPP. The Garden Plains area produces gas from shallow sandstone reservoirs and is essentially a development play. Drilling on this project will be carried out later this year and as many as 40 wells will be drilled. The Corporation also intends to complete a private placement of up to 2,000,000 common shares of the Corporation at a deemed price of $0.20 per share at the time of the completion of the major transaction. The majority of funds raised from the private placement will be used for corporate working capital. In addition, the Corporation is requesting a time limited approval to issue up to 10,000,000 common shares at a price of $0.30 per share to raise a maximum $3,000,000 to acquire certain producing and non-producing properties in western Canada
Western Canada, commonly referred to as the West . The Corporation is a junior capital pool company and the acquisition of Wayne Rosedale and Garden Plains, the private placement and approval for issuance of additional common shares at $0.30 per share is intended to constitute the Corporation's major transaction pursuant to Policy 4.11 of the Alberta Securities Commission and Circular No. 7 of The Alberta Stock Exchange. As such, the transaction is subject to the approval of The Alberta Stock Exchange and the Corporation's shareholders. CONTACT: Corker Resources Inc. Jack Wild, 403/294-9094 |
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