ACCESS Newswire
05 Oct 2019, 02:20 GMT+10
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America; Any failure to comply with this restriction may constitute a violation of U.S. Securities laws
CALGARY, ALBERTA / ACCESSWIRE / October 4, 2019 / Sparta Capital Ltd. (TSXV:SAY) (the 'Corporation' or 'Sparta') is pleased to announce that it has completed the final tranche (the 'Final Tranche') of its previously disclosed non-brokered private placement (the 'Offering') of unsecured convertible debentures (the 'Debentures') for the total gross proceeds from the Final Tranche of $180,000.00. Due to the Offering being over-subscribed, the Corporation made provisions for an over-allotment option (the 'Over-Allotment') to allow the Corporation to increase the size of the Offering from $500,000.00 to a total of $650,000.00. Of the total gross proceeds from the Final Tranche, $90,000.00 resulted from the partial exercise of the Over-Allotment.
Each Debenture will have an issue price of $10,000.00 per Debenture, maturing twenty-four (24) months from the date of issuance and bearing interest at a rate of 10.0% per annum, payable semi-annually in arrears. Each Debenture is convertible at the option of the holder at any time prior to redemption or maturity (as the case may be), entitling the holder to acquire one unit (each a 'Unit') at an exercise price of $0.05 per Unit in the first twelve (12) months from the date of issuance and thereafter at a conversion rate of the greater of $0.10 per Unit and the Market Price (as such term is defined in the policies of the TSX Venture Exchange ('TSXV')). Each Unit will be comprised of one common share in the capital of the Corporation (each a 'Common Share') and one share purchase warrant (each a 'Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share for $0.05 per Common Share expiring twenty-four (24) months from the date of issuance of the Debentures. The Corporation will use the net proceeds from the Offering for general working capital and general corporate purposes. The Debentures may not be redeemed by the Corporation prior to December 31, 2019 and thereafter in certain events. The Debentures, Common Shares and Warrants issued upon conversion thereof will be subject to a four month and one day hold period from the date of issuance of the Debentures in accordance with applicable securities laws and the policies of the Exchange.
The Corporation has not paid any finders' fees in cash or securities of the Corporation in connection with the Offering. The Offering is subject to regulatory approval, including but not limited to final approval of the TSXV.
About Sparta
Sparta Capital Ltd. is a company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions and increase operating efficiencies in various industries. Sparta's network of independent businesses provide a wide range of specialized energy capturing, converting, optimizing and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.
Sparta is a publicly-traded company listed on the TSX Venture Exchange under the symbol 'SAY'. Additional information is available on our website at www.spartacapital.com or on SEDAR at www.sedar.com.
For further information please contact:
John O'Bireck, President
Email: [email protected]
Telephone: (905) 751-8004
Cautionary Statements:
This news release contains 'forward-looking information' within the meaning of applicable securities laws. When used in this news release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. In particular, this news release contains forward-looking statements relating to, among other things, statements pertaining to the 'Offering' (including the exercise of the Over-Allotment) and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, necessary financing and risks associated with the environmental technologies industry in general. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither 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.
SOURCE: Sparta Capital Ltd.
Get a daily dose of Toronto Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Toronto Telegraph.
More InformationLONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
The delay adds yet another twist to Trump's original 90 deals in 90 days promise -- so far yielding only two vague trade agreements...
New Delhi [India], July 9 (ANI): India's share in the global equity market capitalisation rose to 4 per cent in June 2025, recovering...
(Photo credit: Kamil Krzaczynski-Imagn Images) Vladimir Guerrero Jr. had two hits and two RBIs, Davis Schneider homered and Chris...
New Delhi [India], July 9 (ANI): India's share in the global market capitalisation rose to 4 per cent in June 2025, recovering from...
(Photo credit: Brad Penner-Imagn Images) Giancarlo Stanton hit a three-run homer in the sixth inning, Aaron Judge added his 34th...