Non-brokered offering raises funds for company's operational program
By Devika Patel
Knoxville, Tenn., Dec. 31 - Northern Spirit Resources Inc. said it raised C$679,200 in the fourth and final tranche of a C$4.31 million non-brokered private placement of units.
The deal priced for C$6 million Nov. 30 and raised C$950,000 on Dec. 7, C$350,000 on Dec. 14 and C$2.33 million on Dec. 21.
The company sold 86,259,604 units of one common share and one warrant at C$0.05 per unit. It sold 19 million units in the initial tranche, 7 million units in the second, 46,675,604 units in the third tranche and 13,584,000 units in the final tranche.
Each three-year warrant is exercisable at C$0.075 in the first year and at C$0.10 in the second 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$4,312,980
|
| Units: | 86,259,604
|
| 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), Dec. 21 (for C$2,333,780), Dec. 31 (for C$679,200)
|
| Stock symbol: | TSX Venture: NS
|
| Stock price: | C$0.05 at close Nov. 29
|
| Market capitalization: | C$12.18 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.
