Sparta Capital Ltd. Announces: Application for Graduation from NEX to TSX, Proposed Private Placement, and Grant of Stock Options
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Application for Graduation
Calgary, Alberta (FSCwire) - Sparta Capital Ltd. (TSXV: SAY.H) (the “Corporation” or “Sparta”) has just announced that the TSX Venture Exchange (“TSXV”) has conditionally approved the reactivation and concurrent application for graduation (“Graduation”) of Sparta from the NEX board of the TSXV to the TSXV as a Tier 2 issuer, subject to Sparta meeting certain conditions. Sparta continues to endeavor to satisfy the conditions and consequently Sparta has not yet graduated to be a Tier 2 issuer and remains on the NEX.
Additionally, the Corporation intends to complete a non-brokered private placement (the “Private Placement”) of up to 10,000,000 common shares (“Common Shares”) of Sparta at a price of $0.05 per Common Share for gross proceeds to the Corporation of up to $500,000. The Corporation will use the proceeds from the Private Placement for continued expansion and general working capital purposes. The Common Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of closing. The Corporation will not pay finders’ fees in cash or securities of the Corporation in connection with the Private Placement.
Closing of the Private Placement remains subject to certain conditions including but not limited to, the receipt of all necessary approvals, including the approval of the TSXV.
Grant of Stock Options
Further, the board of directors of the Corporation has approved the granting of stock options to purchase 5,588,000 Common Shares of Sparta to certain directors, officers and consultants of the Corporation, subject to regulatory and TSXV approval. The options were issued in accordance with the Corporation’s stock option plan at an exercise price of $0.05 per Common Share and have a term of five (5) years.
Sparta Capital Ltd. fosters and distributes a range of energy efficient solutions. Following the acquisition of Canadian based Newport Environmental Technologies Ltd. (“Newport”) Sparta continued the process of securing several other licenses for technologies developed to save fuel, while reducing carbon emissions in various markets. Since the acquisition of Newport, Sparta established three new divisions: Sparta Technologies 4 Mining Ltd; to cater to the special needs of the mining industry, Illumineris, a division with a comprehensive suite of smart-building, energy-optimizing technologies; including a line of glow-in-the-dark safety products, and ReECO Tech; a materials conversion division. In addition, Sparta recently acquired Supernova Performance Technologies Ltd., which focuses on green initiatives for the transportation sector. For a closer look at the company profile, please visit: Sparta Environmental Technologies.
For further information contact:
John O’Bireck, President
Telephone: (905) 751-8004
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 Graduation and the Private Placement, including the Corporation’s ability to obtain necessary approval from the TSXV. 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.
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Source: Sparta Capital Ltd. (TSX Venture:SAY.H)
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