Cdn Spirit arranges FT and NFT private placements
2008-06-12 19:22 ET - News Release
Mr. Don Gardner reports
CANADIAN SPIRIT RESOURCES INC. ANNOUNCES PRIVATE PLACEMENTS
Canadian Spirit Resources Inc. (CSRI) is proposing to undertake, subject to TSX Venture Exchange approval, two concurrent non-brokered private placements.
One placement will be up to 2.3 million units at a price of $1.05 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share of the company for 18 months at an exercise price of $1.40 per share. The placement of units is expected to close June 26, 2008.
The second placement will be up to 400,000 flow-through shares at a price of $1.20 per share. The flow-through shares issued pursuant to this placement will entitle, subject to various income tax considerations, Canadian investors to certain tax benefits. The 2008 deductions to be renounced to purchasers of the flow-through shares will be Canadian development expenses. The placement of flow-through shares is expected to close June 26, 2008.
Investors may subscribe for units or flow-through shares or both. The company may pay a finder's fee of up to 6 per cent in cash, excluding subscriptions by directors, officers or employees of the company.
All the securities issued pursuant to the private placements will be subject to a four-month restricted resale period.
Proceeds of the proposed private placement will be used to further the company's planned drilling program in the Gething formation at Farrell Creek, British Columbia, and for general corporate purposes
Canadian Spirit gets second Farrell Creek drill licence
2008-06-05 11:21 ET - News Release
Mr. Don Gardner reports
CANADIAN SPIRIT RESOURCES INC. ANNOUNCES LICENCING OF SECOND JOINT VENTURE WELL
Canadian Spirit Resources Inc. has received a drilling licence for the second well in a two-well program to evaluate the Montney and other deep formations on its lands at Farrell Creek in northeast British Columbia. This second Montney appraisal well will be drilled by Canbriam Energy Inc. pursuant to a joint-venture arrangement (see news in Stockwatch dated March 19, 2008) at no cost to the company. The well is expected to spud in June, 2008, with drilling to target depth taking approximately seven weeks. Construction of the lease for the first Montney appraisal well is currently under way and will be immediately followed by construction of the lease for this second well.
Canbriam is a new private exploration and production company based in Calgary financed with a $300-million private equity investment. Canbriam's investment partners include Warburg Pincus, a New York-based private equity firm, and ARC Financial Corp., a Calgary-based private equity investment firm founded in 1989.
Created to explore for and develop oil and gas resources in selected hydrocarbon basins in North America, Canbriam will initially concentrate on unconventional oil and gas opportunities in western Alberta and eastern British Columbia.
Led by Paul Myers, president and chief executive officer, and Stephen Soules, chief financial officer, the Canbriam team has been built with accomplished exploration and production professionals with proven records to capitalize on exploiting large-scale unconventional reservoirs, one of the most significant growth areas for the North American energy supply.