Spitfire Energy Ltd.

Spitfire Energy Ltd.

November 09, 2005 16:03 ET

Spitfire Energy Ltd. Announces $1,000,000 Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2005) -

(Not for dissemination in the United States of America)

SPITFIRE ENERGY LTD. (TSX VENTURE:SEL) ("Spitfire" or the "Corporation") announces that it intends to offer common shares of Spitfire for total gross proceeds of up to $1,050,000 (the "Private Placement"). The Private Placement will consist of the sale of a maximum of 1,500,000 Flow-Through common shares at a price of $0.70 per share. The Corporation will renounce to the subscribers Canadian Exploration Expense effective for the 2005 taxation year equal to $0.70 per Flow-Through Share. The net proceeds from the Offering will be used to incur eligible flow-thru expenditures. Closing of the private placement is expected to occur by the end of November 2005, subject to receipt of TSX Venture Exchange approval.

The corporation has updated its website at www.spitfireenergy.com and it encourages interested parties to view the site for further information.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information

  • Spitfire Energy Ltd.
    Keith N. Chase
    President, Chief Executive Officer and a Director
    (403) 205-3400 Ext: 224
    Website: www.spitfireenergy.com