A previously announced CA$3 million convertible debenture, issued to Elmag Investments Inc. on Dec. 20, 2013 by Canadian Spirit Resources Inc. (TSXV: SPI), was converted into 10 million units of the corporation, Canadian Spirit said Feb. 26.
The units were comprised of 10 million common shares and a warrant to purchase 5 million common shares, exercisable at 30 cents each and expiring Dec. 20, 2014, the company said.
As a result of the share issuance, Elmag Investments owns more than 28 million—25.9%--of the 110,124,691 outstanding shares, Canadian Spirit said.
The debenture conversion was partly based on shareholders' approval of the action at a recent meeting, and also based on approval from the TSX Venture Exchange, the company said.
Canadian Spirit Resources Inc., based in Calgary, is a natural resources company focused on the unconventional gas sector.
Recommended Reading
US Companies Ponder Future in Venezuela as Washington Pressures Maduro on Elections
2024-01-26 - The pressure is on again for Venezuela’s President Nicolás Maduro to announce a clear election timeline amid tensions following recent arrest orders and detentions of his opposition supporters.
Belcher: Energy Policy Outlook for 2024
2024-01-11 - Expect energy policy to be a dominant theme in the 2024 elections.
US Threatens to Not Renew Venezuelan Energy Sector License
2024-01-31 - The U.S. Department of State alerted Venezuela that it could decide not to renew General License No. 44 amid what Washington has labeled “anti-democratic actions.”
California Reaming: Laws Spark Rancor, $6B in Chevron, Exxon Write Offs
2024-01-08 - Chevron and Exxon are set to write off billions of dollars worth of California assets because of strict laws and regulations that the companies say won’t change oil consumption but will shift profits to foreign producers such as Saudi Arabia.
Plug Power Jumps on Govt Loan, Liquid Green Hydrogen Production Start
2024-01-23 - Plug Power has secured over $1 billion in government funding following liquidity issues amid supply challenges in the liquid hydrogen market in North America.