Canadian Spirit Resources Inc. (TSXV: SPI.V) said on May 26 that it undertook two concurrent nonbrokered private placements of common units and shares.
One was for 6 million units priced at 50 cents each for total gross proceeds of C$3 million, the company said. The other was for 20 million flow-through shares, also priced at 50 cents each, for total gross proceeds of $10 million, the company added.
The 6 million units in the first placement each consisted of one common share and one-half of a share purchase warrant, Canadian Spirit Resources said. These warrants entitle shareholders to purchase an additional share, at 50 cents, for one year, the company noted.
Both placements are scheduled to close June 2, the company said.
Net proceeds from both will support drilling of a horizontal well at c-81-H/94-B-1 in Farrell Creek, British Columbia, Canadian Spirit Resources said. They will also support general corporate purposes, the company noted.
Calgary, Alberta-based Canadian Spirit Resources Inc. develops unconventional natural gas in Canada.
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