CN Resources Inc. Files Current Report
29 April 2014 - 3:15AM
Marketwired
CN Resources Inc. Files Current Report
NEW YORK, NY--(Marketwired - Apr 28, 2014) - CN Resources Inc.
(OTCQB: CNRR) (the 'Company' or 'CNRR'), a Nevada Corporation, has
filed Current Report and is pleased to provide the following
important updates.
On April 25, 2014, the CN Resources Inc. (the 'Company') became
a party to a Stock Purchase Agreement (the 'Agreement') between
Shanghai Yuankai Group Co., Ltd. (the 'Purchaser') and Oliver Xing
(the 'Seller'). The Agreement states that: (i) the Purchaser will
purchase from the Seller 14 million restricted shares from the
Seller for a price of $0.15 per share; (ii) the Company will
increase its Board of Directors to three persons and the Purchaser
will be entitled to nominee two individuals to the Board of
Directors; (iii) in the event that the Company decides to raise
additional capital, the Purchaser and Seller will commit to further
subscribe for $5 million and $1 million, respectively, of the
Company's shares from treasury at a price and on terms determined
by the Board of Directors; (iv) the Purchaser acquired the
restricted shares for its own account and is for investment purpose
only.
As a result of the consummation of the Stock Purchase Agreement,
the Control of the Company is changed to Shanghai Yuankai Group
Co., Ltd. After this acquisition, the Purchaser directly owns 14
million restricted common stocks representing 53.64% of total
issued and outstanding shares of the Company. The acquisition is
for the Purchaser's own account, for investment purpose only and is
funded from the Purchaser's own account. There is no other
agreement, arrangement or understanding between the new control
person and previous control person other than disclosed
herein.
"This is a milestone in our Company's pursuit of its corporate
growth strategy," commented Oliver Xing, Chief Executive Officer of
the Company. "We welcome our new significant shareholder on board
and now we will focus our attention on executing our growth
strategy to build up the Company and create wealth for our
shareholders."
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.
CN Resources, Inc. INVESTOR RELATIONS E-mail:
oliverxing@rogers.com Tel: 416-562-8120
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