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Exploration and development of opportunities in the unconventional gas sector - JV - Shell Canada Energy.
Message: Announces Grant of Stock Options
| January 19, 2009 |
| Canadian Spirit Resources Inc. Announces Grant of Stock Options |
| CALGARY, ALBERTA--(Marketwire - Jan. 19, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces that subject to TSX Venture Exchange ("TSX-V") acceptance, the Company's Board of Directors has approved a grant of 720,000 options to acquire shares of the Company in accordance with the terms and conditions of the Company's Stock Option Plan. Directors and officers of the Company were granted a total of 500,000 options as compensation for their services as directors and as incentive compensation respectively. Employees of and a consultant to the Company were granted a total of 220,000 options. All the options granted have a term of five years and may be exercised at a price of C$0.68 per share. Currently, the Company has 4,426,000 common shares reserved for issuance of which options to acquire 3,027,000 are outstanding. Subject to acceptance by the TSX-V, this grant of options will result in a total of 3,747,000 options outstanding at exercise prices ranging from C$0.50 to $7.15 per share representing 7.7 percent of the total common shares outstanding. CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada. The Company is currently evaluating the productive capability of both its shallow Gething play and its deeper Montney play through joint ventures with two well-capitalized partners. Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia. CSRI is well funded with $11.6 million of working capital ($0.24 per share) and has minimal current capital requirements associated with the Farrell Creek property. Information regarding CSRI is available on SEDAR at www.sedar.com or the Company's website at www.csri.ca. On behalf of the Board of Directors, CANADIAN SPIRIT RESOURCES INC. Don Gardner, Chief Executive Officer |
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