Canadian Spirit Resources Inc. (TSXV: SPI) (“CSRI” or the “Company”) has engaged Industrial Alliance Securities Inc. (“iA Securities”) as its exclusive financial advisor to identify and consider various strategic alternatives and their potential to maximize shareholder value, including a reverse merger, recapitalization, reorganization or takeover of the Company, or the sale of some or all of the assets of the Company, or any other alternatives that are considered to be in the best interests of the Company’s shareholders.
CSRI is a Calgary-based public company that trades on the TSX Venture Exchange under the trading symbol “SPI”. The Company holds 10,727 net hectares (41.4 net sections) of delineated, contiguous land blocks in the Montney formation at Farrell Creek, Altares and Attachie in NE British Columbia that have strategic option value for future LNG development. A resource assessment by GLJ Petroleum Consultants shows 9.0 TCF (net) TPIIP on CSRI lands.
The assets are well situated with multiple egress options, including the Enbridge Westcoast Energy Mainline and the Sanctioned TCPL North Montney Pipeline. The Company also maintains a 35% working interest in a JV gas plant and gathering system on west block lands; a 100% working interest in a Gething pilot gas plant and gathering system; and a 25% working interest in a 25 km water pipeline connected to the Williston Lake Reservoir.
The Company has zero net debt and available tax pools in excess of $100 million.
For further information relating to this process, please contact Trevor Conway at (403) 705-4974 or by email at Trevor.Conway@iagto.ca. Additional confidential information will be available to those parties executing a Confidentiality Agreement.
