Business
Resilient Announces Exchange of $3.42 Million of Debt for Common Shares
Resilient Announces Exchange of $3.42 Million of Debt for Common Shares.
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 30 /CNW/ - Resilient Resources Ltd. (\"Resilient\" or the\n\"Company\") (TSX:RRL) is pleased to announce that 100% of the holders of its\n$1.97 million convertible debentures and its $1.45 million convertible\ndebentures have accepted Resilient's offer to exchange their debentures and\nrelated warrants for common shares of Resilient at a deemed price of $0.75 per\ncommon share. An aggregate of 4,560,000 common shares of Resilient will be\nissued to such debenture holders in connection with the exchange. First\nAssociates Investments Inc. of Toronto, Ontario acted as agent to Resilient in\nconnection with the exchange.\nResilient's remaining debt, consisting of a convertible debenture in the\nprincipal amount of $1 million, will be redeemed for common shares of\nResilient at a deemed price of $0.75 per common share concurrent with the\nclosing of Resilient's previously announced unit offering being led by\nWolverton Securities Ltd. for gross proceeds of up to $2 million, provided at\nleast $750,000 is raised under such offering. The expected closing date for\nthe unit offering is now September 9, 2005.\n\nLocated in Calgary, Alberta, Resilient Resources Ltd. is a junior oil and\ngas exploration company. Resilient's 100,000 acre block contains several oil\nand gas prospects, including Bow Island natural gas, Glauconite channel sands,\nCutbank, Mississippian and Devonian extending south of the Alberta border.\nWithin a 35 mile radius of Resilient's land position there exists several\nmajor oil and gas pools including the Cutbank Field - (175,000,000 barrels of\ncumulative oil production), Reagan Field - (10,000,000 barrels of cumulative\noil production), Moulton Field - (15,000,000 barrels of cumulative oil\nproduction), Big Rock Field - (30 Billion cubic feet of cumulative natural gas\nproduction), and Pondera Field - (30,000,000 barrels of cumulative oil\nproduction). All cumulative oil production figures are derived from publicly\navailable information.\n\nForward-Looking Statements Advisory\n\nThis news release contains forward-looking statements within the meaning\nof applicable securities laws. Forward-looking statements include estimates,\nplans, expectations, opinions, forecasts, projections, guidance or other\nstatements that are not statements of fact. Although Resilient believes that\nthe expectat...