Company sells more units, shares to new management, other individuals
By Susanna Moon
Chicago, Aug. 31 – Northern Spirit Resources Inc. said it settled a C$750,000 second tranche of a non-brokered private placement of units and stock. The company settled C$23.64 million of units and stock on Aug. 4.
This brings total proceeds to about $24.4 million, according a company press release.
In the latest tranche, Northern Spirit issued 18,885,089 common shares at $0.03375 each and 3,498,785 units of one common share and one warrant at $0.03375 each to the new management and other individuals, according to a company press release.
Each warrant is exercisable at $0.0449 each for five years with one-third vesting each upon the occurrence of the 20-day weighted average trading price of the shares equaling or exceeding $0.0675, $0.0901 and $0.1124, respectively.
As noted before, the company previously sold 98,740,741 units 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$24,386,318
|
| Price: | C$0.03375
|
| Agent: | Non-brokered
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| Investor: | Andylan Investors LP 2012 (for C$5 million)
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | C$0.0449
|
| Settlement date: | Aug. 4
|
| Stock symbol: | TSX Venture: NS
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| Stock price: | C$0.04 at close Aug. 3
|
| Market capitalization: | C$15.83 million
|
|
|
| Units
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| Units: | 98,740,741 in first tranche, 3,498,785 in second tranche
|
|
|
| Stock
|
| Shares: | 601,594,612 in first tranche, 18,885,089 in second tranche
|
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