Bridge Resources, the financially strapped energy company that successfully drilled for natural gas in Southwest Idaho, but saw its stock plummet under mounting debt, in April changed its name to region-friendly Idaho Natural Resources. The company revealed last week that it had closed a deal for private financing of nearly a half-million shares of stock to generate $185,000 for its "on-going operations" and settle $230,000 in outstanding debt.
The company also recently announced that its chief financial officer, Robb Paradine, resigned from the company.
In March, the Bridge CEO and current CEO of Idaho Natural Resources Nick Clayton told BW that his company had been "in a desperate attempt to save" Bridge, which at the time was facing tens in millions of dollars in debt and its stock was plummeting on the Toronto Stock Exchange.
Clayton was preparing to sell much of its interest from commercial well sites near Plymouth to cure most of its foreign and domestic debts.
"We owe approximately $46 million to the Bank of Scotland," said Clayton. "Plus, we still owe quite a bit of money to some Idaho individuals and companies."
At the time, Clayton confirmed that Bridge had not paid approximately $800,000 to Idaho contractors and subcontractors who had worked at Bridge's well sites through much of 2010 and early 2011.
In early April, Bridge confirmed that it had sold the bulk of its Idaho interests but was still pursuing operations in Idaho. The name-change followed soon thereafter.
Idaho Natural Resources now trades on the NEX, a separate board of Canada's Toronto Stock Exchange designed for companies that "have fallen below TSX Venture's ongoing listing standards."