|By Marketwired .||
|January 30, 2013 05:07 PM EST||
DALLAS, TX--(Marketwire - January 30, 2013) - Core Resource Management, Inc. (PINKSHEETS: CRMI), (www.coreresource.net), announces the closing of $2,850,000 of 7% Senior Convertible Notes. The Notes carry a fixed coupon for four years and are convertible at anytime prior to maturity at $3.00 par common share.
Brown Glenn Jr., Core's CEO, stated, "This represents the initial tranche in what we expect to raise for oil & gas acquisitions. Our strategy is to maximize shareholder value by minimizing the overhead costs between the shareholders of the company and the production cash flows of acquired reserves. We intend to file our Form 10 registration statement during the second quarter and apply to move our listing to the NYSE-AMEX within 48 months in order to give our shareholders and converting note holders maximum liquidity."
About the Company:
Core Resource Management is a Dallas based oil & gas company engaged in the acquisition of existing oil & gas production in partnership with established oil & gas operators in Texas and the Southwest and may, from time to time, acquire positions in smaller publicly traded E&P companies. The Company does not currently engage in direct exploration but will acquire positions of up to 50% in current oil & gas production from well established operators, seeking from time to time, to sell a percentage of their existing production in order to recycle their capital into new leases and wells. Management believes it can maximize value for its shareholders while also negotiating fair and reasonable valuations for its drilling partners.
Forward Looking Statements:
Statements which are not historical facts contained in this release are forward looking statements, such as "immediately accretive" that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Notes and the shares of CRMI common stock issuable upon conversion of the Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements
The information herein is subject to change without notice. Core Resource Management, Inc. shall not be liable for technical or editorial errors or omissions contained herein.
Core Resource Management, Inc.
W. Brown Glenn Jr.
214 365 3099
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