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
CALGARY, ALBERTA--(Marketwire - Dec. 5, 2012) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (News - Market indicators) (OTCBB:CSPUF) announces the approval of a grant of stock options, and as part of an overall corporate strategy, a planned reduction in the size of its Board of Directors.
The Corporation's Board of Directors has approved a grant of 1,605,000 options to directors, officers and employees to acquire shares of the Corporation in accordance with the terms and conditions of the Corporation's Stock Option Plan. Certain options issued to a senior officer are subject to shareholder approval which is expected to be sought at the Corporation's annual meeting planned for May 2013. All the options have a term of five years and may be exercised at a price of C$0.25 per share. Subject to acceptance by the TSX Venture Exchange, this grant of options will result in a total of 5,372,500 options outstanding, representing 5.9 percent of the total common shares outstanding.
Effective November 30, 2012, the Board of Directors accepted the resignations of Mr. George Watson, Mr. Philip Grubbe and Ms. Susannah Tam as directors. The Corporation recognizes their long-term commitment and advice during the early stage development of its Farrell Creek property. Messrs. Richard Couillard, Donald Gardner and Joseph Iannicelli will continue to serve as directors with Mr. Iannicelli being appointed Chairman of the Board. Mr. Phillip Geiger also tendered his resignation as director but will remain in the position of President & Chief Operating Officer.
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.
On behalf of the Board of Directors
CANADIAN SPIRIT RESOURCES INC.
Alfred Sorensen, Chief Executive Officer & Secretary
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.