CBRP - Cambridge Obtains USD $3 Million Financing From Alpine Capital-Markets Inc.
Thursday September 14, 4:00 pm ET
CALGARY, AB--(MARKET WIRE)--Sep 14, 2006 -- Cambridge Resources Inc. (Other OTC:CBRP.PK - News) announced today that it has entered into a financing (PIPE) agreement with Alpine Capital-Markets to fund the company's operation over the next 30 months.
According to the financing arrangement, Alpine Capital-Markets will immediately fund $250,000, which will be used acquire a permit to explore the Janvier IR 194 for oil and gas potential. Another $250,000 will be delivered on September 30, 2006 to fund an engineering report and an 8 kilometer 2D seismic program. Alpine will fund Cambridge $83,333 each month for an additional 30 months; a total committment of $3,000,000.
"We are pleased to enter into this long term funding agreement with Alpine Capital-Markets to carry out a land acquisition and property development program that we are pursuing in the prolific oil and gas area of western Canada," said Stan Ford, president and CEO of Cambridge.
About Cambridge Resources Inc.
Cambridge Resources Inc. is an oil and gas exploration and junior producer located in Vancouver and Calgary, Canada. Cambridge Resources is publicly traded company on the Over-the-Counter market under the Ticker symbol: CBRP.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
Contact:
Contact:
Homer Pateridis
Investor Relations
514-952-5251
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Source: Cambridge Resources Inc.
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