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CALGARY, March 31 /CNW/ - BNP Resources Inc. ("BNP" or the "Corporation") is pleased to announce that it has executed share for debt settlement agreements with six (6) creditors (the "Creditors") totaling approximately $51,660.00. The debt obligations relate to services that have been provided by various companies. Under the shares for debt settlement, BNP will issue an aggregate of approximately 516,600 Class A shares to the Creditors at a price of $0.10 per Class A share. The settlement constitutes full satisfaction of the $51,660.00 debt obligation that is owed by BNP to the Creditors. Upon issuance of the Class A shares to the Creditors, the debt owed to them and obligations of BNP relating to the debt, will be fully extinguished.
The issuance of the Class A shares pursuant to the debt settlement agreements is subject to the approval of the TSX Venture Exchange.
BNP is actively engaged in the exploration for and the development and production of oil and natural gas reserves. BNP's business strategy is to build sustainable and profitable per share growth through internally generated exploration and development drilling.
BNP has approximately 25,035,834 Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX Venture Exchange under the symbols "BNX.A and "BNX.B".
Neither the TSX Venture Exchange nor Its Regulation Services Provider (as the term is defined In the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE BNP Resources Inc.
For further information: For further information: Gregory Bilcox, President and CEO, BNP Resources Inc., Phone: (403) 695-1091, Fax: (403) 265-0413