Cirrus Closes on Bought Deal Financing

Cirrus has closed its previously announced short form prospectus offering of common shares of the Company through a syndicate of underwriters led by Cormark Securities Inc. and including FirstEnergy Capital Corp., BMO Nesbitt Burns Inc., Haywood Securities Inc., Macquarie Capital Markets Canada Ltd. and Raymond James Ltd., resulting in gross proceeds of $45,013,500.00. The Offering consisted of 14,290,000 Common Shares issued at a price of $3.15 per Common Share.

Cirrus plans to use the net proceeds of the Offering to fund the Corporation's capital program, future acquisitions and for general working capital requirements.

Following the issue, Cirrus has approximately 93.0 million fully diluted common shares outstanding.
 

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