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Consolidated Spire Ventures Closes a 3.5 Million-Unit Non-Flow-Through Private Placement and Completes the First Tranche of a Flow-Through Private Placement
Consolidated Spire Ventures Closes a 3.5 Million-Unit Non-Flow-Through Private Placement and Comp...
About this update from Altair Resources, Inc.
[{"type":"text","content":"\nConsolidated Spire Ventures Closes a 3.5 Million-Unit Non-Flow-Through Private Placement and Completes the First Tranche of a Flow-Through Private Placement\n\n\n Jul. 22, 2009 (TheNewswire.ca) -- 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 (TSXV:AVX) (\"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,...