The Company has issued 2,945,500,000 subscription receipts (the 'Subscription Receipts') at a price of
Each Subscription Receipt represents the right to receive, without payment of additional consideration or further action on the part of the holder thereof, one Common Share upon closing of the previously announced acquisition of substantially all of the assets (the 'Assets') of
The gross proceeds from the sale of the Subscription Receipts have been placed in escrow pending the completion of the Acquisition. If the Acquisition is completed on or before
Pursuant to applicable securities laws, the Subscription Receipts, the underlying Common Shares and the Common Shares to be issued pursuant to the Common Share Offering will be subject to a hold period of four months plus one day following the distribution date. Spartan has paid eligible finders a cash commission in proportion to the gross proceeds received by Spartan that resulted from such finder's efforts, subject to compliance with applicable securities laws. The Offering remains subject to final approval of the
About Spartan
Contact:
Email: fkalantzis@SpartanDeltaCorp.com
READER ADVISORY
This press release is not an offer of the securities for sale in
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends' and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the completion of the Acquisition, the completion of the Common Share Offering, receipt of all required regulatory and TSXV approvals, the use of proceeds from the Offering and the issuance of Common Shares underlying the Subscription Receipts.
The forward-looking statements and information are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of the Offering and the completion of the Acquisition. Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Spartan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, foreign exchange or interest rates, stock market volatility, impacts of the current coronavirus (COVID-19) pandemic and the retention of key management and employees. Please refer to the Company's most recent Annual Information Form and Management Discussion and Analysis for additional risk factors relating to Spartan, which can be accessed either on Spartan's website at www.spartandeltacorp.com or under the Company's profile on www.sedar.com. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
(C) 2020 Electronic News Publishing, source