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Clarification: Probe Resources secured financing for East Cameron Development, settled Frankel lawsuit in 2009

Probe Resources Ltd (PBR.V) announced that it had secured financing for its East Cameron Development and settled a Frankel lawsuit on November 16, 2009.

In a story filed by MidnightTrader.com staff in Canada on Friday, November 19, 2010, it was incorrectly stated that Probe Resources had secured the financing and settled the lawsuit earlier in the same trading week.

Earlier that trading week ended November 19, 2010, Probe Resources did announce that the company's Debt Restructuring Agreement which became effective on August 31, 2009, had expired and, accordingly, the company's board of directors has appointed a restructuring agent to assist with the company's restructuring efforts. Additionally, the company's U.S. subsidiaries had filed voluntary Chapter 11 petitions in U.S. Bankruptcy Court.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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