Sparta Acquires SuperNova Performance Technologies Ltd.
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Calgary, Alberta (FSCwire) - Sparta Capital Ltd. (NEX:SAY.H) (the “Corporation” or “Sparta”) is pleased to announce that further to its news release dated January 10, 2017, it has successfully acquired 100% of the issued and outstanding shares in Toronto based, SuperNova Performance Technologies Ltd. (“SuperNova”) for common shares of Sparta (“Sparta Common Shares”) on a one-for-one basis, resulting in SuperNova becoming a wholly owned subsidiary of Sparta (the “Acquisition”).
The transaction involved the issuance of 9,849,750 Sparta Common Shares at a deemed value of $0.05 per Common Share. Sparta also issued 6,196,000 warrants (“Sparta Warrants”) to SuperNova warrant holders on terms substantially identical to the existing SuperNova warrants, the Sparta Warrants will expire 12 months from the date of closing the Acquisition. The Sparta Warrants issued pursuant to the Acquisiton have an average exercise price of $0.25 and range from $0.05 to $1.25. The Sparta Common Shares issued pursuant to the Acquisition, including those issued upon the exercise of Sparta Warrants, will have a 12-month hold period.
Completion of the Acquisition is subject to the final approval of the TSX Venture Exchange Inc.
SuperNova (www.supernovatech.info) is a privately held Canadian corporation that focuses on technologies that reduce greenhouse gas emissions while saving customers money. Along with transportation, SuperNova has developed a number of unique systems, including one for the remote diesel-electric power generation market, known as the Hydrogen Power Lizard™. By combining the rapid expansion of hydrogen gas with an exhaust gas recompression system, the Hydrogen Power Lizard™ can significantly reduce fuel consumption and emissions, helping remote areas where the only form of electricity comes from diesel-electric generators. SuperNova also has developments in other markets such as; public transit, marine, military vehicles, mining, and waste management.
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 Inc., a division with a comprehensive suite of smart-building, energy-optimizing technologies; including a line of glow-in-the-dark safety products, and ReECO Conversion Technologies Ltd; a biomass conversion division. For more information visit For more information click on: Sparta Environmental Technologies.
For further information please contact:
John O’Bireck, President
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. In particular, this news release contains forward looking statements relating to the ability of the Corporation to obtain final approval for the Acquisition from the TSX Venture Exchange Inc. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation.
Neither TSX Venture Exchange Inc. (nor any of its separate boards which includes the NEX) nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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Source: Sparta Capital Ltd. (TSX Venture:SAY.H)
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