By Sheri Kasprzak
Atlanta, Jan. 12 - Canadian Spirit Resources Inc. will hit the private placement market with a C$14.3 million non-brokered offering.
The company plans to sell up to 2 million units at C$7.15 each.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$8 each for one year.
Based in Calgary, Alta., Canadian Spirit is a natural gas exploration and development company. The company plans to use the proceeds from the offering to fund a portion of its pilot production project and to evaluate work at Farrell in British Columbia. The remainder of the proceeds will be used for general corporate purposes.
| Issuer: | Canadian Spirit Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$14.3 million
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| Units: | 2 million
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| Price: | C$7.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$8
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| Pricing date: | Jan. 12
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| Stock price: | C$6.10 at close Jan. 12
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