By Devika Patel
Knoxville, Tenn., Feb. 15 - Canadian Spirit Resources Inc. said it has settled a non-brokered private placement of units and shares for C$5.8 million. The company completed the units sale on Friday for C$5.6 million. The stock portion settled for C$200,000 on Dec. 28.
The deals priced Dec. 13 for a combined total of no more than C$5 million and the company completed a C$200,000 tranche of the stock portion on Dec. 28. It revised the terms of the deals on Jan. 24, saying it would not sell any more shares.
The company planned to sell up to 4 million flow-through shares at C$0.80 apiece for a maximum of C$3.2 million. The company sold 250,000 shares in the Dec. 28 tranche and paid C$11,100 in finder's fees.
The other placement was to have consisted of up to 7 million units of one share and one half-share warrant at C$0.70 per unit for up to C$4.9 million. On Jan. 24, Canadian Spirit said it will sell up to 9.6 million units at C$0.50 per unit for C$4.8 million. It ended up selling 11.2 million units at that price on Friday.
Each whole warrant still will be exercisable at C$0.80 for two years, increased from the original strike price of C$1.00.
The company paid a C$282,690 cash finder's fee on the units offerings.
Proceeds will be used to tie in the company's pilot production project at Farrell Creek, B.C., for drilling and general corporate purposes.
Canadian Spirit is a natural gas company based in Calgary, Alta.
| Issuer: | Canadian Spirit Resources Inc.
|
| Issue: | Units of one share and one half-share warrant, flow-through shares
|
| Amount: | C$5.8 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 13
|
| Amended: | Jan. 24
|
| Stock symbol: | TSX Venture: SPI
|
| Stock price: | C$0.66 at close Dec. 12
|
|
|
| Units
|
| Amount: | C$5.6 million
|
| Units: | 11.2 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Fees: | C$282,690
|
| Settlement date: | Feb. 15
|
|
|
| Flow-through shares
|
| Amount: | C$200,000
|
| Shares: | 250,000
|
| Price: | C$0.80
|
| Warrants: | No
|
| Fees: | C$11,100
|
| Settlement date: | Dec. 28
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
