|By Marketwired .||
|February 26, 2014 02:53 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/26/14 -- Canadian Spirit Resources Inc. (TSX VENTURE: SPI)(OTCBB: CSPUF) ("CSRI" or the "Corporation") is pleased to announce the results of the shareholder vote associated with the Annual General and Special Meeting of the Corporation held on February 19, 2014. Over 75% of the Corporation's shareholders voted and in excess of 95% voted in favour of each matter acted upon at the meeting, including the approval of Elmag Investments Inc. ("Elmag") as a "Control Person" pursuant to the policies of the TSX Venture Exchange.
Based on the above shareholder approval as well as final approval received from the TSX Venture Exchange, the previously announced convertible debenture issued to Elmag (see news release dated December 23, 2013) converted into 10,000,000 Units of the Corporation, comprised of 10,000,000 common shares and a warrant to purchase 5,000,000 common shares exercisable at a price of $0.30 per share and having an expiry date of December 20, 2014. As a result of the common share issuance Elmag currently owns 28,584,000 or 25.9% of the 110,124,691 outstanding common shares of CSRI. All securities issued as a result of the debenture conversion are subject to a hold period under Canadian Securities Laws until April 21, 2014.
Alfred Sorensen, Chief Executive Officer of CSRI, commented, "We thank our shareholders for their continued support. Our goal as a Corporation will be to build on this support and utilize it to realize increased shareholder value."
CSRI is a natural resources Corporation focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
On behalf of the Board of Directors
CANADIAN SPIRIT RESOURCES INC.
Alfred Sorensen, Chief Executive Officer & Secretary
The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecast.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.