Business
First Narrows Provides Corporate Update
First Narrows Provides Corporate Update
About this update from Northern Uranium Corp.
[{"type":"text","content":"First Narrows Provides Corporate Update\n\n\n\nFirst Narrows Provides Corporate Update \n\nVancouver, British Columbia CANADA, April 28, 2009 /FSC/ - First Narrows Resources Corp. (UNO - TSX Venture, FNRWF - OTCBB_Pink_Sheets), reports the following corporate update:\n\nGiven the current economic climate and the challenges facing the junior resource sector, the Company has dramatically reduced its operating expenses and arranged a debt settlement with several of its creditors. The debt settlement will allow the Company to restructure approximately $410,286 in outstanding debt through the issuance of up to 10,257,075 common shares of the Company. The common shares will be subject to resale restrictions for a period of four months from the closing date of the transaction. The debt settlement is subject to TSX Venture Exchange (\"TSX-V\") approval. In addition to the debt settlement, the Company has recovered $73,612 in accounts written off for management and consulting fees and trade payables relating to its mineral properties. \n\nEvaluation of the Company's gold, copper and molybdenum-tungsten projects is ongoing and some lower priority claims have been dropped. Management also continues to pursue possible joint venture partnerships to facilitate the further advancement of the Company's projects.\n\nThe Company is moving its corporate office to Bathurst, New Brunswick, while maintaining communication, financial, and filing services in Vancouver, BC. \n\nThe Company has granted 3,525,000 stock options exercisable at a price of $0.05 in accordance with its Stock Option Plan to directors, officers and consultants of the Company. The stock options are subject to a 4 month hold in accordance with regulatory policy, and subject to the approval of the TSX-V. \n\n\nAbout First Narrows Resources Corp.\n\nFirst Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral exploration company whose corporate strategy is to develop overlooked and undervalued mineral properties that offer near term production potential. The Company has projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced are the Chester Cu-polymetallic deposit in New Brunswick's Bathurst Mining Camp, Canada, and t...