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NR repurchase 2.5m shares
Apr 20, 2010 02:34PM
CANADIAN SPIRIT RESOURCES INC.
ANNOUNCES INTENTION TO MAKE A NORMAL COURSE ISSUER BID
Calgary, AB April 14, 2010 – Canadian Spirit Resources Inc. (“CSRI” or the “Company”)
(TSXVENTURE:SPI) (OTCBB:CSPUF) announces its intention to make a Normal Course
Issuer Bid (the “NCIB”) through the facilities of the TSX Venture Exchange (the “Exchange”)
pursuant to Exchange Policy 5.6.
The NCIB, which is subject to Exchange acceptance, would consist of the acquisition by CSRI
of up to 2,500,000 common shares of its capital stock, representing 4.6 percent of the
54,135,901 common shares of CSRI issued and outstanding. Purchases may commence three
trading days following filing of a notice and supporting documents in final form with the
Exchange. Filing of these documents is expected to take place on or before April 15, 2010.
The NCIB would be conducted on behalf of CSRI by CIBC World Markets Inc., BCE Place, 5th
Floor, 161 Bay Street, Toronto, Ontario M5J 2S8.
CSRI is of the opinion that recent trading does not reasonably reflect the strong working capital
position of the Company, the planned 2010 capital spending by its joint venture partner on the
Montney Formation in northeastern British Columbia nor the value of its material land position in
the Farrell Creek area. CSRI will utilize a portion of its existing cash resources to effect
purchases under the proposed NCIB. Share purchases under the NCIB will be made at
management’s discretion based on market conditions.
During the period December 2008 through November 2009, the Company purchased 974,500
common shares at an average price of $0.73 per share pursuant to a prior NCIB These
purchases represented 2.0 percent of the total number of common shares outstanding at the
commencement of the prior NCIB.