Bridge Resources Corp. Completes Acquisition of 50% Interest in Boise Basin Projectadmin
Bridge Resources Corp. through its wholly-owned subsidiary Bridge Energy Inc. has completed the acquisition (the “Acquisition”) of the assets of Bridge Energy LLC (the “Vendor”) which comprise a 50% working interest in approximately 100,000 acres located in the Boise Basin of Idaho and Oregon and offers a large number of oil and gas prospects (the “Boise Basin Project”). The acquisition was previously announced on July 14 and August 21, 2009. The consideration to be paid to the Vendor is 6,500,000 common shares of Bridge issued at a deemed price of $0.24 per share for an aggregate consideration of $1,560,000.
The Acquisition is a non-arm’s length transaction, in that Edward J. Davies and Thomas Stewart are the majority members of the Vendor.
The board of directors of the Corporation has approved the Transaction, with Messrs, Davies and Stewart abstaining from voting on the matter. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the Transaction.
Bridge and Paramax Resources Ltd. now each hold a 50% working interest over 100,000 acres in the most prospective part of the basin and are working together jointly to drill five wells this winter season.