|By Marketwired .||
|June 27, 2014 04:58 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/27/14 -- Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE: SPI) (OTCBB: CSPUF) is pleased to announce that 5,775,901 of the share purchase warrants issued December 20, 2013, with an expiry term of twelve months have been exercised at a price of $0.30 per warrant for total proceeds of $1.7 million. Combined with the closing of two recent private placements announced on June 4th and June 19th, the Corporation has raised total gross proceeds of $7.8 million.
As a result of the exercise of these warrants, the Corporation now has 128,050,592 million common shares outstanding and a strong cash position of approximately $9.3 million with no debt.
The Corporation is currently drilling a 100% working interest horizontal well located at c-81-H/94-B-1. The well was spud on June 23rd and is expected to be finished drilling by the end of July. The well may be fracture stimulated and tied-in for production at a later date.
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