Canadian Spirit Resources Inc. announces that it is proposing to undertake, subject to TSX Venture Exchange approval, two concurrent non-brokered private placements.

One placement will be up to 13.3 million units (Units) at a price of $0.30 per Unit for total gross proceeds of up to $4.0 million. Each Unit will consist of one common share of the Corporation and one-half of one common share purchase warrant ("Warrants"). Each whole Warrant will entitle the holder to purchase an additional common share of the Corporation for a period of one year at an exercise price of $0.30 per share. The placement of Units is expected to close on or about December 6, 2013.

The second placement will be up to 42.1 million common shares of the Corporation on a flow-through basis pursuant to the Income Tax Act ("Flow-Through Shares") at a price of $0.34 per share for total gross proceeds of up to $14.3 million. The Flow-Through Shares issued pursuant to this placement will entitle, subject to various income tax considerations, Canadian investors to a renunciation in 2013 of Canadian Exploration Expense expenditures to be made by CSRI up to December 31, 2014 equal to 100% of their total subscription value. The placement of Flow-Through Shares is expected to close on or about December 20, 2013.

Tags: Canadian Spirit Resources Inc.