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Consolidated Spire Ventures Ltd. ("the Company" or "Spire") has closed its non-brokered private placement of 3.5 million non-flow-through units at $0.055 per unit for gross proceeds of $192,500. The Company has also received gross proceeds of $50,400 from the first tranche of its non-brokered private placement of flow-through shares pursuant to the issuance of 720,000 units of the 3.5 million flow-through units priced at $0.07 per unit. A finders' fee will be paid in accordance with the policies of the TSX Venture Exchange.
All the common shares issued pursuant to this unit offering, including share purchase warrants, carry a legend restricting the shares from trading for a period of four months to November 23, 2009. The warrants issued in connection with these private placements will expire July 22, 2010.
The Company intends to use the gross proceeds from the sale of the flow-through shares for Canadian exploration expenses (CEE), within the meaning of the Income Tax Act (ITA), related to the exploration of the Company's mineral exploration projects located in British Columbia.
About Consolidated Spire Ventures Ltd. On July 20, 2009 the Company entered into an Option Agreement ("the Agreement") with Altair Ventures Incorporated ("Altair") (TSX-V: AVX) of Vancouver, British Columbia. The Agreement with Altair has a two-phase option to earn an initial 70% interest in the Prospect Valley Property by spending a total of $6 million in exploration expenditures and issuing 7 million shares over 4 years to Spire. Altair can also earn an additional 20% interest upon: (a) delivering a Bankable Feasibility Study with respect to the Property; and (b) making such additional cash and share payments in such amounts as may be negotiated and settled by the parties in writing at a later date, for a total 90% interest in the Prospect Valley Gold Property. The 107.9 sq km, PV Property is located approximately 3 hours driving time from Vancouver and is within the Spences Bridge Gold Belt. It is a potential low grade, bulk mineable type gold target. The property is road-accessible and in close proximity to good infrastructure from Merritt, BC.
Investors are invited to visit the Consolidated Spire Ventures Ltd. Website at www.spireventures.com or the Investor Hub at www.agoracom.com/ir/Consolidatedspire where they can post questions and receive answers. Alternatively, investors are able to e-mail all questions and correspondence to CZS@agoracom.com If you are not currently on the CZS updates list, please send in your email address to info@spireventures.com or call 604-662-7455 with the best method to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
FOR INFORMATION OR INVESTOR RELATIONS CONTACT THE COMPANY AT (604) 662-7455
ON BEHALF OF THE BOARD
Brian Buchanan, President and Director
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.
Copyright (c) 2009 Thenewswire.ca - All rights reserved.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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