Northern Spirit completes C$24.62 million placement of units, stock

Non-brokered deal sells 102,239,526 units, 627,235,256 common shares

By Devika Patel

Knoxville, Tenn., Sept. 4 – Northern Spirit Resources Inc. said it settled a C$228,000 third and final tranche of its C$24.62 million non-brokered private placement of units and stock. The deal raised C$23.39 million on Aug. 4.

The company sold 102,239,526 units of one common share and one warrant at C$0.03375 per unit in the first tranche.

In addition, Northern Spirit sold 627,235,256 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 company sold 620,479,701 shares in the first tranche and 6,755,555 shares in the second.

The warrants are each exercisable at C$0.0449 for five years. The warrant strike price is a 12.25% premium to the Sept. 3 closing share price.

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$24,619,774
Price:	C$0.03375
Agent:	Non-brokered
Settlement dates:	Aug. 4 (for C$24,391,774), Sept. 4 (for C$228,000)
Stock symbol:	TSX Venture: NS
Stock price:	C$0.04 at close Aug. 3
Market capitalization:	C$15.83 million
Units
Amount:	C$3,450,584
Units:	102,239,526
Warrants:	One warrant per unit
Warrant expiration:	Five years
Warrant strike price:	C$0.0449
Stock
Amount:	C$21,169,190
Shares:	627,235,256
Warrants:	No

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