Canadian Spirit Resources Inc. Exercise of Warrants Brings Recent Funding Total to $7.8 Million
June 27 2014 - 3:58PM
Marketwired
Canadian Spirit Resources Inc. Exercise of Warrants Brings Recent
Funding Total to $7.8 Million
CALGARY, ALBERTA--(Marketwired - Jun 27, 2014) - Canadian Spirit
Resources Inc. ("CSRI" or the "Corporation") (TSX-VENTURE:SPI)
(OTCBB:CSPUF) is pleased to announce that 5,775,901 of the share
purchase warrants issued December 20, 2013, with an expiry term of
twelve months have been exercised at a price of $0.30 per warrant
for total proceeds of $1.7 million. Combined with the closing of
two recent private placements announced on June 4th and June 19th,
the Corporation has raised total gross proceeds of $7.8
million.
As a result of the exercise of these warrants, the Corporation
now has 128,050,592 million common shares outstanding and a strong
cash position of approximately $9.3 million with no debt.
The Corporation is currently drilling a 100% working interest
horizontal well located at c-81-H/94-B-1. The well was spud on June
23rd and is expected to be finished drilling by the end of July.
The well may be fracture stimulated and tied-in for production at a
later date.
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 Sorensen403)
539-5005alfred.sorensen@csri.caCanadian Spirit Resources Inc.Phil
Geiger403) 539-5005phil.geiger@csri.cawww.csri.ca
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