Northern Spirit Resources Inc. Announces Private Placement of Flow-through Common Shares
24 December 2011 - 9:00AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/ CALGARY, Dec. 23,
2011 /CNW/ - Northern Spirit Resources Inc. ("Northern Spirit" or
the "Corporation") is pleased to announce that it has commenced a
non-brokered private placement for up to $1 million (the "Private
Placement"). The Corporation will issue up to 10,000,000
common shares in the capital of the Corporation to be issued on a
"flow-through" basis pursuant to the Income Tax Act (Canada)
("Flow-Through Shares") to exempt buyers on a private placement
basis at a price of $0.10 per Flow-Through Share. Northern Spirit
expects to use the proceeds of the Private Placement to incur
qualifying Canadian Development Expenses to fund its ongoing
capital programs prior to December 31, 2012. These qualifying
Canadian Development Expenses will be renounced to subscribers as
Canadian Exploration Expenses effective December 31, 2011. The
Flow-Through Shares issued pursuant to the Private Placement will
be subject to a four-month hold period from the closing date, which
is anticipated to occur on or before December 30, 2011. The Private
Placement is subject to approval from the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Northern Spirit
in any jurisdiction in which such offer, solicitation or sale would
be unlawful. The securities to be offered have not been and will
not be registered under the United States Securities Act of 1933,
as amended, or any state securities laws and may not be
offered or sold within the United States or to or for the account
or benefit of a U.S. Person absent registration or an applicable
exemption from the registration requirements of such Act or laws.
Cautionary Statements This press release contains certain
forward-looking information and statements within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or
statements. In particular, but without limiting the forgoing,
this press release contains statements concerning the anticipated
closing of the Private Placement and the anticipated use of the
proceeds of the Private Placement. Forward-looking statements
or information are based on a number of material factors,
expectations or assumptions of Northern Spirit which have been used
to develop such statements and information but which may prove to
be incorrect. Although Northern Spirit believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because
Northern Spirit can give no assurance that they will prove to be
correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. The closing of the Private Placement
could be delayed if Northern Spirit is not able to obtain the
necessary regulatory and stock exchange approvals on the timelines
it has planned. The Private Placement will not be completed
at all if these approvals are not obtained or some other condition
to the closing is not satisfied. Accordingly, there is a risk
that the Private Placement will not be completed within the
anticipated time or at all. The intended use of the proceeds
of the Private Placement by Northern Spirit might change if the
board of directors of the Corporation determines that it would be
in the best interests of Northern Spirit to deploy the proceeds for
some other Canadian Development Expense expenditures. The
forward-looking statements contained in this press release are made
as of the date hereof and Northern Spirit undertakes no obligations
to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither 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 release. Northern Spirit Resources Inc. CONTACT: Northern
Spirit Resources Inc.850, 396 - 11th Avenue SWCalgary, Alberta T2R
0C5Fax: (403) 269-1715Kevin R. Baker Q.C., President & Chief
Executive OfficerDir: (403) 476-7010John H. Cassels, Vice President
Finance, Chief Financial Officer andSecretaryDir: (403) 476-7008
Copyright
Northern Spirit Resources Inc. (TSXV:NS)
Historical Stock Chart
From May 2024 to Jun 2024
Northern Spirit Resources Inc. (TSXV:NS)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Northern Spirit Resources Inc. News Articles