Non-brokered deal sells 98,740,741 units, 601,594,612 common shares
By Devika Patel
Knoxville, Tenn., Aug. 4 – Northern Spirit Resources Inc. said it settled a C$23.64 million non-brokered private placement of units and stock.
The company sold 98,740,741 units of one common share and one warrant at C$0.03375 per unit.
In addition, Northern Spirit sold 601,594,612 common shares at C$0.03375 per share, which is a 15.63% discount to the Aug. 3 closing share price of C$0.04.
The warrants are each exercisable at C$0.0449 for five years. The warrant strike price is a 12.25% premium to the Aug. 3 closing share price.
Andylan Investors LP 2012 bought 148,148,148 shares for C$5 million.
Proceeds will be used to continue development of existing properties, to pursue organic growth initiatives, for potential acquisitions and for working capital.
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, common shares
|
| Amount: | C$23,636,318
|
| Price: | C$0.03375
|
| Agent: | Non-brokered
|
| Investor: | Andylan Investors LP 2012 (for C$5 million)
|
| Settlement date: | Aug. 4
|
| Stock symbol: | TSX Venture: NS
|
| Stock price: | C$0.04 at close Aug. 3
|
| Market capitalization: | C$15.83 million
|
|
|
| Units
|
| Amount: | C$3,332,500
|
| Units: | 98,740,741
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.0449
|
|
|
| Stock
|
| Amount: | C$20,303,818
|
| Shares: | 601,594,612
|
| Warrants: | No
|
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