Proceeds slated for drilling horizontal well, corporate purposes
By Devika Patel
Knoxville, Tenn., June 19 – Canadian Spirit Resources Inc. said it raised C$1.03 million in the second and final tranche of its C$6.08 million non-brokered private placements of units and flow-through common stock on June 17. The deals priced for up to C$13 million on May 27 and raised C$5.05 million on June 4.
The company sold 5.11 million units at a price of C$0.50 per unit for C$2.56 million. Each unit consists of one common share and one half-share warrant with each whole warrant exercisable at C$0.50 for one year. The warrant strike price is a 2.04% premium to the company’s closing price of C$0.49 on May 26.
Canadian Spirit also sold 7.04 million flow-through common shares at C$0.50 per share for C$3.52 million. The price per share is also a 2.04% premium to the May 26 closing price.
In the initial tranche, the company sold 3.06 million units for C$1.53 million and 7.04 million shares for C$3.52 million. The first-tranche warrants expire on June 3, 2015.
In the second tranche, the company sold 2.05 million units for C$1.03 million. The second-tranche warrants expire on June 17, 2015.
Proceeds will be used to drill a horizontal well at c-81-H/94-B-1 and for general corporate purposes.
Canadian Spirit is a natural gas company based in Calgary, Alta.
| Issuer: | Canadian Spirit Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant, flow-through common shares
|
| Amount: | C$6,075,000
|
| Price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Settlement date: | June 4 (for C$5.05 million), June 17 (for C$1,025,000)
|
| Stock symbol: | TSX Venture: SPI
|
| Stock price: | C$0.49 at close May 26
|
| Market capitalization: | C$46.06 million
|
|
|
| Units
|
| Amount: | C$2,555,000
|
| Units: | 5.11 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year, June 3, 2015, June 17, 2015
|
| Warrant strike price: | C$0.50
|
| Settlement date: | June 4 (for C$1.53 million), June 17 (for C$1,025,000)
|
|
|
| Flow-through shares
|
| Amount: | C$3.52 million
|
| Shares: | 7.04 million
|
| Settlement date: | June 4 (for C$3.52 million)
|
|
|
© 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.
