Canadian Spirit Resources Grants Stock Options

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Canadian Spirit Resources Inc. (SPI.V) announced the approval of a grant of stock options and as part of an overall corporate strategy, a planned reduction in the size of its board of directors.

The corporation's board of directors has approved a grant of 1,605,000 options to directors, officers and employees. All the options have a term of five years and may be exercised at a price of $0.25 per share.

Effective November 30, 2012, the board of directors accepted the resignations of George Watson, Philip Grubbe and Susannah Tam as directors. Richard Couillard, Donald Gardner and Joseph Iannicelli will continue to serve as directors with Iannicelli being appointed chairman of the board. Phillip Geiger tendered his resignation as director but will remain in the position of president and CEO.

SPI shares lost two cents to $0.225.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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