Canadian Spirit Resources Inc. Announces Closing of Private Placements and Convertible Debenture Issuance
24 12월 2013 - 10:00AM
Marketwired
Canadian Spirit Resources Inc. Announces Closing of Private
Placements and Convertible Debenture Issuance
CALGARY, ALBERTA--(Marketwired - Dec 23, 2013) - Canadian Spirit
Resources Inc. (TSX-VENTURE:SPI)(OTCBB:CSPUF) ("CSRI" or the
"Corporation") announces that, effective December 20, 2013, it has
closed the Units and Flow-Through Shares non-brokered private
placements previously announced December 2, 2013. The Corporation
is also pleased to announce that on December 20, 2013 it has issued
a $3.0 million secured subordinated convertible debenture (the
"Debenture") to a private company.
In the first private placement, the Corporation issued 3,400,000
Units at a price of $0.30 per Unit for total gross proceeds of $1.0
million. Each Unit consists of one common share of the Corporation
and one half of one common share purchase warrant. Each whole
warrant entitles the holder to purchase one common share of the
Corporation at $0.30 up to December 20, 2014. Finders' fees of
$24,000 were paid in consideration of this private placement.
In the second private placement, the Corporation issued
6,176,030 Flow-Through Shares at a price of $0.34 per share for
total gross proceeds of $2.1 million. Finders' fees of $106,131
were paid in consideration of this private placement.
The Corporation's Board of Directors and Executive Officers
participated in both private placements and purchased an aggregate
of 1,481,666 Units and 898,530 Flow-Through Shares.
As a result of the closing of both private placements, there are
now 100,124,691 common shares of CSRI outstanding.
The convertible debenture has been put in place with a current
insider shareholder of the Corporation, Elmag Investments Inc. Upon
approval by a majority of the disinterested shareholders of the
Corporation and subject to approval from the TSX Venture Exchange,
the Debenture shall automatically convert, on the date of such TSX
Venture Exchange approval, into 10,000,000 Units of the
Corporation, each Unit consisting of one common share of the
Corporation and one half of one common share purchase warrant. Each
whole warrant will entitle Elmag Investments Inc. to purchase one
common share of the Corporation at $0.30 up to December 20, 2014.
The maturity date of the Debenture is February 28, 2014 with
interest on the principal amount being calculated at a rate of 5.0%
per annum. The Debenture is secured but is subordinated to the
Corporation's existing line of credit. If the Debenture receives
the appropriate approvals and is converted into Units, Elmag
Investments Inc. will own 28,584,000, or 25.9%, of the common
shares of the Corporation. If all the warrants from the Units
private placement and the Debenture conversion are exercised, Elmag
Investments Inc. will own 33,584,000, or 28.7%, of the common
shares of the Corporation.
All securities issued or issuable as a result of both private
placements and the Debenture conversion are subject to a hold
period under Canadian securities laws until April 21, 2014.
The total net proceeds of $6.0 million from both the private
placements and the convertible debenture will be used to further
the Corporation's planned Montney drilling program and tie-in at
Farrell Creek, British Columbia and for general corporate
purposes.
CSRI is a natural resources Corporation focusing on the
identification and development of opportunities in the
unconventional natural gas sector of the energy industry.
Information regarding CSRI is available on SEDAR at
www.sedar.com or the Corporation's website at www.csri.ca.
On behalf of the Board of Directors
CANADIAN SPIRIT RESOURCES INC.
Alfred Sorensen, Chief Executive Officer & Secretary
The corporate information contained in this news release may
contain forward-looking forecast information. The reader is
cautioned that assumptions used in the preparation of such
information, although considered reasonably accurate by CSRI at the
time of preparation, may prove to be incorrect. The actual results
achieved during the forecast period will vary from the information
provided herein and the variations may be material. Consequently
there is no representation by CSRI that actual results achieved
during the forecast period will be the same in whole or in part as
those forecast.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Canadian Spirit Resources Inc.Alfred Sorensen(403)
539-5005alfred.sorensen@csri.caCanadian Spirit Resources Inc.Phil
Geiger(403) 539-5005phil.geiger@csri.cawww.csri.ca
Canadian Spirit Resources (TSXV:SPI)
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