Marauder Terminates Financing and Farm In
Marauder Resources East Coast Inc. has terminated its planned private placement and declined to participate in the previously announced proposed farm in the Gran Pre block offshore Nova Scotia.
"Given the current market conditions, the Company and its agents, Dundee Securities Corporation, have concluded that the Company is unable to complete this financing at this time. We have advised the operator that we will not be proceeding with the Gran Pre block farm in. While we are disappointed not to proceed with the previously announced program, the Company remains in a very strong position with over $14 million in the Bank and present worth of probable and possible reserves of $467 million before tax on a 10% discounted basis based on escalated prices as per the reserve report prepared by Martin & Brusset Associates. This decision does not affect our 50% interest in the shallow rights of 18,414 acres in Panuke and Cohasset nor our rights in the Balmoral block, all offshore Nova Scotia. While it is premature to comment at this time until plans are further advanced, management and the Board are examining other alternatives to grow the Company and increase shareholder value." said Bob Shields, President of Marauder.
- Marauder Resources Sells Deep Panuke Interests (Jul 09)
- Marauder Mulls Sale of Interest in PL 2901 Offshore Nova Scotia (Oct 04)
- Marauder Appoints Kempf as Consulting Landman (Jul 06)