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Cardero Completes Additional $1,175,000 Investment In Kria Resources Ltd. |
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Friday, 14 January 2011 10:59 |
Cardero Resource Corp. (TSX: CDU, NYSE-A: CDY, Frankfurt: CR5) announced that it has recently completed an additional $1,175,000 investment in base metal exploration and development company Kria Resources Ltd. of Toronto, Ontario, through the exercise of warrants acquired on the initial July 29, 2010 private placement.
Kria is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets whose primary assets are the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. Kria has recently entered into a Letter of Intent with Trevali Resource Corp. ("Trevali") to complete a business combination whereby Trevali will acquire all of the issued and outstanding common shares of Kria and Kria will become a wholly owned subsidiary of Trevali (see Kria & Trevali news releases of December 16, 2010 for details).
On January 7, 2011, Cardero exercised 5,875,000 of its 15,000,000 warrants at a price of $0.20 per share. As a result of this acquisition, Cardero now holds an aggregate of 20,875,000 common shares of Kria, representing approximately 19.97% of the issued and outstanding common shares of Kria. Assuming the exercise of the 9,125,000 warrants still held by Cardero, Cardero would then hold 30,000,000, or approximately 26.39%, of the then issued common shares of Kria (assuming no other warrant or option exercises). Cardero is not acting jointly or in concert with any other persons or companies in connection with such acquisition or the securities of Kria. Cardero acquired the securities of Kria for investment purposes only, and not for the purpose of influencing control or direction over Kria. Cardero will, however, review its holdings in Kria from time to time, and may increase or decrease its position as future circumstances dictate.
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