Consolidated Spire Ventures Ltd. (“Spire” or “the Company”) is pleased to announce that it has arranged a non-brokered private placement of 7 million units of which 3.5 million will be flow-through units at a price of $0.07 per unit and 3.5 million will be non-flow-through units at a price of $0.055 per unit for gross proceeds of $437,500.
The non-flow-through units will be comprised of one common share and one non-flow through share purchase warrant exercisable to purchase one additional non-flow-through share of the Company at a price of $0.10 in the first year from the closing of the private placement.
The flow-through units will be comprised of one flow-through share and one non-flow through share purchase warrant exercisable to purchase one additional non-flow-through share of the Company at a price of $0.12 per share for a period of one year from the closing of the private placement.
The proceeds of the flow-through portion of the private placement will be used for Canadian exploration expenditures and proceeds of the non-flow-through financing will be used for general working capital.
The terms of the private placement are subject to approval by regulatory authorities and a finder's fee may be payable in accordance with the policies of the TSX Venture Exchange.
In addition, the Company wishes to announce a grant of incentive stock options to certain directors, officers and consultants to purchase up to an aggregate of 2,076,000 common shares in the capital stock of the Company exercisable for a period of five years at a price of $0.10 per share. The market price at the close on June 5, 2009 was $0.065. The granting of stock options is subject to regulatory approval.
About Consolidated Spire Ventures Ltd. At present Spire is actively exploring the Prospect Valley Gold Property near Merritt, British Columbia, Canada.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
WEBSITE www.spireventures.com
FOR FURTHER INFORMATION CONTACT
R. Brian Buchanan, President
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.
