01:09:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Sparta Capital Ltd
Symbol SAY
Shares Issued 124,530,140
Close 2015-03-05 C$ 0.04
Market Cap C$ 4,981,206
Recent Sedar Documents

Sparta Capital shareholders elect four directors

2015-03-06 14:57 ET - News Release

Mr. Tom Brown reports

SPARTA CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL GENERAL MEETING

Sparta Capital Ltd. has released the results of the annual general meeting of the shareholders of the corporation held on March 3, 2015. Shareholders elected all directors nominated by management, as follows:

  • Peter Quattrociocchi (chief executive officer);
  • Tom Brown (president);
  • John O'Bireck;
  • Martin Marshall.

The shareholders approved the reappointment of Kenway Mack Slusarchuk Stewart LLP, Chartered Accountants, as auditor of the corporation. The shareholders also approved the stock option plan for the corporation. In addition, the shareholders passed a special resolution of the shareholders, authorizing the change of the corporation's name at such a time and to such a name as the board of directors of the corporation may deem appropriate.

Private placement

The corporation is also pleased to announce that it has completed the first tranche of its previously announced equity private placement. Pursuant to the offering, Sparta will issue up to 18.8 million units of the corporation at a price of five cents per unit for gross proceeds of up to $940,000. Each unit will comprise one common share and one share purchase warrant of the corporation. Each warrant will entitle the holder thereof to acquire an additional common share at a price of five cents per common share for up to 12 months from the date of issuance, following the closing of the offering, unless the volume-weighted average trading price of the common shares on the NEX, a separate board of the TSX Venture Exchange (or the TSX Venture Exchange, if applicable, pursuant to the corporation graduating to the TSX Venture Exchange, resulting in the common shares being traded on the TSX Venture Exchange), during the 20 business days immediately prior to the date for which such calculation is made, is greater than 14 cents. If the trigger event occurs, the warrant expiry date may be accelerated, in the corporation's sole discretion, to 30 business days from the trigger event date. The first tranche of the offering has resulted in gross proceeds to the corporation of $633,200, pursuant to which the corporation will issue 12,664,000 units. The corporation has not paid any finders' fees in cash or securities of the corporation in connection with the first tranche. The proceeds from the first tranche will be used to pay out $440,000 of existing debt held directly by the corporation or the corporation's wholly owned subsidiary Newport Environmental Technologies Ltd., and for general working capital purposes. The first tranche is subject to final approval of the NEX. Pursuant to applicable securities laws, all securities issued pursuant to the first tranche will be subject to a hold period of four months plus one day following the closing of the first tranche.

We seek Safe Harbor.

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