Mr. David Burghardt reports
NORTHERN SPIRIT RESOURCES INC. ANNOUNCES COMPLETION OF RIGHTS OFFERING
Northern Spirit Resources Inc. has completed its previously announced rights offering to shareholders of Northern Spirit. Under the rights offering, holders of common shares of Northern Spirit subscribed for, and purchased, an aggregate of 10,201,249 common shares at a price of 3.375 cents per common share, resulting in gross proceeds to the corporation of approximately $340,000. The proceeds of the rights offering will be used by the corporation for capital expenditures and for general corporate purposes.
Following the completion of the rights offering, Northern Spirit has approximately 1,089.2 million common shares outstanding (1,256.2 million fully diluted).
As announced on Sept. 4, 2015, the corporation previously closed a non-brokered private placement for gross proceeds of $24.6-million. The combined proceeds from the private placement and the rights offering are approximately $25.0-million, providing the corporation with an estimated cash position of approximately $23.5-million net of transaction costs.
We seek Safe Harbor.
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