Le Lézard
Classified in: Business
Subject: EARNINGS

Canadian Spirit Resources Inc. Announces Second Quarter 2020 Financial Results and Grant of Stock Option


CALGARY, Alberta, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis ("MD&A"), for the six month period ended June 30, 2020. In addition, CSRI announces that it has granted incentive stock options to acquire 1,000,000 common shares of the Corporation for a price of $0.05 per share for a period of five years in accordance with the terms and conditions of the Corporation's Stock Option Plan.

Second Quarter 2020
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and six months ended June 30, 2020, and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.

The following summarizes certain selected financial data for the three and six months ended June 30, 2020:

(all amounts are presented in Canadian dollars, unless otherwise indicated)

   Three months ended

  June 30,
  Six months ended

  June 30,
  2020  2019  2020  2019 
     
Natural gas sales$                      - $                      - $                      - $                      - 
Operating costs            (117,126)              (91,190)            (139,205)            (141,085)
     
Operating netback$         (117,126)$           (91,190)$         (139,205)$         (141,085)
Other income and gains                       61 $             10,000                 23,159                 72,916 
Other Expenses            (290,437)            (511,516)            (655,164)            (852,196)
Settlement of claims            (514,522)                         -             (514,522)                         - 
     
Net comprehensive loss for the period$         (922,024)$         (592,706)$      (1,285,732)$         (920,365)

The Corporation's loss and comprehensive loss for the six months ended June 30, 2020 was $1,285,762 (June 30, 2019 - $920,365).  When compared to the prior period the $365,367 increased loss was due mainly to the accrual of $514,522 in settlement of claims which the Corporation expensed in the period. The Corporation terminated the employment of the Corporation's executive officers in April 2020 and is negotiating settlements of the $514,552 commitment. The Corporation may or may not be successful in negotiating a lessor amount and as such accrued the $514,522 in the Statements of Loss and Comprehensive Loss during the period ended June 30, 2020.

   
 As of June 30, As of December 31, 
  2020  2019 
   
Working Capital:  
    Current assets$954,281 $703,063 
    Current liabilities (including debt of $606,739)$(1,348,323)$(114,738)
    Working capital$(394,042)$588,325 
Total assets$38,566,700 $38,595,074 
Total debt$606,739 $- 
Shareholders' equity$35,097,455 $36,377,845 
Number of common shares outstanding 196,177,583  196,177,583 

STOCK OPTION GRANT

The Corporation granted the Chief Executive Officer incentive stock options to purchase a total of up to 1,000,000 common shares of the Corporation as incentive compensation. The stock options vest as to one-quarter immediately, with one-quarter vesting on each of the dates six months, 12 months, and 18 months subsequent to the effective date of the grant. All the stock options have a term of five years and may be exercised at a price of $0.05 per share. The grant of options will result in a total of 1,850,000 stock options outstanding at a weighted average exercise price of $0.08 per stock option.

ABOUT CSRI

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. For further information please visit the Corporation's website at www.csri.ca. 

For further information, please contact:
Canadian Spirit Resources Inc.
Telephone (403) 618-2113
Louisa DeCarlo
louisa@danrichresources.com

The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently, there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecast.

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


These press releases may also interest you

at 14:50
Liquid Media Group Ltd. ("the Company," "Liquid Media" or "Liquid") is pleased to announce the engagement of North Equities Corp. ("North Equities"), a Toronto based marketing firm, to facilitate increased social media growth and investor engagement...

at 14:40
Proactive, provider of real-time news and video interviews on growth companies listed in the US and Canada, has covered the following companies: Tesla forecasts the key in today's earnings update click hereNevada Silver reports promising final...

at 14:34
Veriff, a premier global identity verification (IDV) provider, today announced it has raised $100M in Series C financing, co-led by Tiger Global and Alkeon, joined by existing investors IVP and Accel. This round brings Veriff's total funding to $200M...

at 14:30
Stayntouch, a global leader in guest-centric hotel property management systems (PMS) and contactless technology, today released the 2022 Hotelier Technology Sentiment Report in partnership with graduate students at NYU School of Professional Studies...

at 14:30
Boom Supersonic, the company building the world's fastest and most sustainable supersonic airliner, today announced it has selected the Piedmont Triad International Airport in Greensboro, North Carolina as the site of its first full-scale...

at 14:30
In an op-ed posted today by his lawyer, Lanny J. Davis, to Davis's Medium account, Ukrainian businessman Dmytro Firtash asked the question of his fellow Ukrainians: "Why Can't Ukraine be the Switzerland of Eurasia?" Firtash was referring to the fact...



News published on 27 august 2020 at 20:05 and distributed by: