CALGARY, ALBERTA--(Marketwired - Oct. 16, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Northern Spirit Resources Inc. ("Northern Spirit" or the "Corporation") (TSX VENTURE:NS) is pleased to announce that it has implemented its previously approved first of two consecutive share consolidations (the "Consolidations") of the common shares of the Corporation (the "Common Shares") on the basis of one new Common Share for every 10 existing Common Shares (the "First Consolidation") and a name change from "Northern Spirit Resources Inc." to "Altura Energy Inc." (the "Name Change"). The Consolidations and the Name Change were approved at the special meeting of the shareholders of the Corporation held on September 30, 2015.
Effective at the market opening on October 19, 2015, the Common Shares currently listed on the TSX Venture Exchange (the "TSXV") under the symbol "NS" will commence trading on a post-consolidated basis under the new name "Altura Energy Inc." and under the new symbol "ATU". As a result of the First Consolidation, the Corporation has issued and outstanding approximately 108,921,002 Common Shares (subject to rounding), 64,775,604 Common Share purchase warrants (exercisable for up to 6,477,560 Common Shares at an exercise price of $1.00 per Common Share, expiring December 31, 2015), and 102,239,529 performance warrants (exercisable for up to 10,223,953 Common Shares at an exercise price of $0.449 per Common Share).
Letters of transmittal were mailed to registered holders of Common Shares on August 31, 2015, advising them to forward the certificates or DRS Advices representing their pre-First Consolidation Common Shares of Northern Spirit to Computershare Investor Services Inc. ("Computershare") in exchange for certificates or DRS Advices representing the number of post-First Consolidation Common Shares of Altura Energy Inc., to which they are entitled. If a registered shareholder did not receive a letter of transmittal, please contact Computershare at the contact information below.
The letter of transmittal does not apply to shareholders who do not hold their Common Shares in their own name. Shareholders whose Common Shares are registered in the name of a broker, dealer, bank, trust company or other nominee must contact their nominee to deposit and exchange such Common Shares.
A second share consolidation ("Second Consolidation") on the basis of one new Common Share for every four existing Common Shares may occur a minimum of 60 days after completion of the First Consolidation as determined by the Corporation, or earlier as may be determined by the board of directors of the Corporation (the "Board") and acceptable to the TSXV. If the Second Consolidation is effected by the Board, shareholders will receive another letter of transmittal for use in conjunction with the Second Consolidation.
Altura Energy Inc. is also pleased to announce the launch of its new website at www.alturaenergy.ca.
About Altura Energy Inc.
Altura Energy Inc. is a public oil and gas corporation active in the exploration and development of oil and natural gas in east central Alberta.
Forward-Looking Cautionary Statements
The reader is advised that some of the information contained herein may constitute forward looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. It includes statements with respect to the Second Consolidation and changes to the listing of the Common Shares on the TSXV as a result of the Consolidations and the Name Change. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur.
Forward-looking information is based on the Corporation's expectations regarding its future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and assumptions and is based on information currently available to it.
The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Corporation does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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 release.