Idaho Natural Resources Corp. Fails to Secure Financing to Close Its Acquisition of an Interest in the Willow-Hamilton Development Area - Idaho
CALGARY, ALBERTA--(Marketwire - Oct. 26, 2012) - Idaho Natural Resources Corp. (the "Corporation") (NEX BOARD:IDN), announces today that it has been unsuccessful in all attempts to secure the necessary funding to close its proposed acquisition of a 10% working interest (the "Interest") in the Willow-Hamilton Development Area, incorporating the Willow and Hamilton gas and condensate fields. As a consequence, the company will forfeit the $75,000 earnest money payment made to the operator of the Idaho properties, under the terms of the Purchase and Sale Agreement ("The Agreement"), consummated on August 1, 2012. The Corporation currently has very limited cash resources and is considering all alternatives, including whether it is able to continue as a going concern. Further announcements will be made in due course once a definitive course of action has been determined.
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 acquisition of the Interest 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; shareholder approvals, and certain other risks detailed from time to time in the Corporation's public disclosure documents which can be found at www.sedar.com. 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.
Attachment Available: http://cnrp.marketwire.com/cnrp_files/20121025-1026idn.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Idaho Natural Resources Corp.
Chairman of the Board