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Article: Indico Updates Corporate Developments.
- Article from:
- Marketwire Canada
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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VANCOUVER, BRITISH COLUMBIA, Sep 28, 2009 (Marketwire via COMTEX) -- Indico Resources Ltd. (the "Company") (TSX VENTURE:IDI) wishes to announce the following corporate developments:
Effective August 25, 2009, the Company has terminated further participation in the Argentinean oil venture originally announced on November 8, 2007 due to unsatisfactory results. The board concluded that the results of limited operations to date did not justify the issuance of any further shares beyond the initial 1 million shares which were issued. The Company will record a financial statement charge of $660,000 reflective of the asset write down related to this decision.
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