Non-brokered offering raises funds for company's operational program
By Devika Patel
Knoxville, Tenn., Dec. 14 - Northern Spirit Resources Inc. said it raised C$350,000 in the second tranche of a C$6 million non-brokered private placement of units. The deal priced Nov. 30 and raised C$950,000 on Dec. 7.
The company is selling 120 million units of one common share and one warrant at C$0.05 per unit. It sold 19 million units in the initial tranche and 7 million units in the second.
Each three-year warrant is exercisable at C$0.075 in the first year and at C$0.10 in the second year and third year. The strike prices are 50% and 100% premiums to the Nov. 29 closing share price of C$0.05.
Proceeds will be used to further the company's operational program and for general working capital purposes.
Northern Spirit is a Calgary, Alta., oil and gas exploration and production company.
| Issuer: | Northern Spirit Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Units: | 120 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | C$0.075 in the first year, C$0.10 after the first year
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 30
|
| Settlement dates: | Dec. 7 (for C$950,000), Dec. 14 (for C$350,000)
|
| Stock symbol: | TSX Venture: NS
|
| Stock price: | C$0.05 at close Nov. 29
|
| Market capitalization: | C$12.18 million
|
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