Mr. Charles Desjardins reports
INSPIRATION ENERGY ARRANGES $975,000 FINANCING
Inspiration Energy Corp. intends to complete a non-brokered private placement financing for aggregate gross proceeds of $975,000 from the sale of up to 9.75 million units of the company at 10 cents per unit. Inspiration has obtained CSE (Canadian Securities Exchange) price protection for the securities issued under the offering.
Each unit will comprise one common share and one transferable common share purchase warrant of the company. Each warrant will entitle the subscriber to purchase one common share of the company for a 36-month period after the closing date of the offering at an exercise price of 16 cents per common share.
Charles Desjardins, president and chief executive officer of the company, commented: "This placement will provide additional flexibility for the planned drill program at the Rottenstone North gold project, which is currently in development, and will support Inspiration's strategic marketing initiatives. We anticipate closing the placement in early May."
Closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. Net proceeds of the offering will be used to advance the company's Rottenstone North gold project in Saskatchewan and for general working capital purposes.
Shares issued pursuant to the offering will be subject to a four-month-and-one-day hold period according to applicable securities laws of Canada.
About Inspiration Energy Corp.
Inspiration Energy is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop properties of merit and to conduct exploration on the company's properties.
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