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Canadian Spirit Resources Inc

Exchange: TSXV Exchange | Dec 16, 2017, 11:38 AM EST

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Canadian Spirit Resources Inc. Announces Third Quarter 2017 Financial Results and Closing of Rights Offering Equity Financing

CALGARY, Alberta, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three and nine month periods ended September 30, 2017, as well as the closing of its rights offering equity financing.

THIRD QUARTER 2017 FINANCIAL RESULTS
The quarterly information below summarizes information contained in the unaudited interim condensed financials statements and MD&A for the three and nine months ended September 30, 2017 and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.

SELECTED FINANCIAL DATA
(all amounts are presented in Canadian dollars, unless otherwise indicated)

      
  For the three month 
 For the nine month 
 
  periods ended September 30, 
 periods ended September 30, 
 
  2017  2016 2017   2016 
             
Average sales volumes of natural gas (Mcf/d) 640    -    662    212 
Average sales price of natural gas (per Mcf) $  0,93    -   $  1.95   $  1.41 
Natural gas sales, before royalties $ 55,070   -   351,417   83,978 
Operating netbacks, after royalty credits applied (19,143)  (53,627)  106,296   (153,504)
Net cash flows from operating activities  (169,798)  202,645   (469,793)   (368,350)
Net income (loss) and comprehensive income (loss) (481,714)  111,113   (1,129,983)  (712,929)
Income (loss) per share, basic & diluted $  (0.01)  $  0.00   $  (0.01)  $  (0.01)
Net capital expenditures  66,666   275,180   405,379   3,762,434 
             
       As at September 30, 
 
       2017   2016 
             
Net working capital       355,621   1,214,057 
Total assets       44,604,278   74,561,973 
Total debt       -   - 
Shareholders' capital       42,283,879   71,858,827 
Number of common shares outstanding        159,458,860    152,592,192 
                


CLOSING OF RIGHTS OFFERING EQUITY FINANCING
The Corporation closed, effective November 17, 2017, its previously announced (see News Release dated October 19, 2017) rights offering equity financing (the "Rights Offering"). The Rights Offering offered rights to holders of its common shares at the close of business on the record date of October 27, 2017 on the basis of one (1) right for each common share held. Each nine and one-half (9½) rights entitled the holder to subscribe for one (1) common share of CSRI upon payment of the subscription price of $0.12 per common share prior to the expiry date of November 14, 2017. The Rights Offering was fully subscribed resulting in total gross proceeds to the Corporation of $2,014,217. All directors, executive officers and insiders of the Corporation participated in the Rights Offering, purchasing a combined 13,808,022 common shares, or 82.3% of the total.

CSRI is a natural resources company focused on the identification and development of opportunities in the Montney Formation resource play in northeastern British Columbia.

Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.

For further information, please contact:
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
Rich Couillard (rich.couillard@csri.ca)

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

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