CN Resources Inc. Closed $6 Million Equity Financing
May 29 2014 - 3:05PM
Marketwired
CN Resources Inc. Closed $6 Million Equity Financing
NEW YORK, NY--(Marketwired - May 29, 2014) - CN Resources Inc.
(OTCQB: CNRR), (the 'Company' or 'CNRR'), a Nevada Corporation, has
closed $6 million equity financing and filed current report.
On May 28, 2014, CN Resources Inc. (the 'Company') closed a
private placement, raised $6 million, by issuing 30 million
restricted common stocks, at $0.20 per common stock, from the
Company's Treasury to Shanghai Yuankai Group Co., Ltd. ('Yuankai')
and to 1547698 Ontario Limited, ('Ontario'), both subscribers of
the restricted common stocks are insiders of the Company.
Immediately after the closing of this equity financing, the
total issued and outstanding common stocks of the Company is
56,100,000.
"We are pleased with the successful closing of the equity
financing, and we are moving to the next phase of our corporate
development," commented Oliver Xing, Chief Executive Officer of the
Company. "We are looking forward to executing our growth strategies
and build shareholder value."
CN Resources Inc. (OTCQB: CNRR)
CN Resources Inc. is a disciplined and managed risk oil
exploration and development company with activities focused on
Western Canada. The Company believes that the best value creation
opportunities are in areas where political risks are low,
significant oil has been recovered and plenty oil still in place,
and substantive and accretive business opportunities exist.
CN Resources Inc.'s immediate focus is to co-develop producing
oil wells on existing reserves, capture offset opportunities and
maximize re-entry opportunities that are accretive to our
shareholders. CN Resources will focus on growth opportunities in
Western Canada.
ON BEHALF OF THE BOARD OF DIRECTORS Oliver Xing, CPA. CA
Forward-looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, changes in the Company's business; competitive factors
in the market(s) in which the Company operates; risks associated
with its operations in the United States, Canada and elsewhere; and
other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
The United States Securities and Exchange Commission permits
resources companies, in their filings with the SEC, to disclose
only proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. We may use certain terms in this press release, such as
"probable," "possible," "recoverable" or "potential" reserves among
others, that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. Investors are urged to consider
closely the disclosure in our filings with the SEC.
This press release does not constitute an offer to buy or an
invitation to sell, or the solicitation of an offer to buy or
invitation to sell, any securities of CN Resources Inc.
Readers are encouraged to refer to our filings with the
Securities and Exchange Commission for further information.
INVESTOR RELATIONS CN Resources Inc. E-mail:
oliverxing@rogers.com Tel: 416-562-8120
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