CALGARY, Aug. 30 /CNW/ - Resilient Resources Ltd. ("Resilient" or the
"Company") (TSX:RRL) is pleased to announce that 100% of the holders of its
$1.97 million convertible debentures and its $1.45 million convertible
debentures have accepted Resilient's offer to exchange their debentures and
related warrants for common shares of Resilient at a deemed price of $0.75 per
common share. An aggregate of 4,560,000 common shares of Resilient will be
issued to such debenture holders in connection with the exchange. First
Associates Investments Inc. of Toronto, Ontario acted as agent to Resilient in
connection with the exchange.
Resilient's remaining debt, consisting of a convertible debenture in the
principal amount of $1 million, will be redeemed for common shares of
Resilient at a deemed price of $0.75 per common share concurrent with the
closing of Resilient's previously announced unit offering being led by
Wolverton Securities Ltd. for gross proceeds of up to $2 million, provided at
least $750,000 is raised under such offering. The expected closing date for
the unit offering is now September 9, 2005.
Located in Calgary, Alberta, Resilient Resources Ltd. is a junior oil and
gas exploration company. Resilient's 100,000 acre block contains several oil
and gas prospects, including Bow Island natural gas, Glauconite channel sands,
Cutbank, Mississippian and Devonian extending south of the Alberta border.
Within a 35 mile radius of Resilient's land position there exists several
major oil and gas pools including the Cutbank Field - (175,000,000 barrels of
cumulative oil production), Reagan Field - (10,000,000 barrels of cumulative
oil production), Moulton Field - (15,000,000 barrels of cumulative oil
production), Big Rock Field - (30 Billion cubic feet of cumulative natural gas
production), and Pondera Field - (30,000,000 barrels of cumulative oil
production). All cumulative oil production figures are derived from publicly
available information.
Forward-Looking Statements Advisory
This news release contains forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although Resilient believes that
the expectations reflected in such forward-looking statements are reasonable,
undue reliance should not be placed on them because we can give no assurance
that such expectations will prove to be correct. Factors that could cause
actual results to differ materially from those provided in the forward-looking
statements include, among other things, general economic, business and market
conditions. Resilient's forward-looking statements are expressly qualified in
their entirety by this cautionary statement. We undertake no obligation to
update our forward-looking statements except as required by law.
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