The Toronto Stock Exchange reports that Spartan Delta Corp. has completed a sale of assets to Crescent Point Energy Corp. and separately will complete a spinout transaction to transfer assets to Logan Energy Corp. As a result of the asset sale and spinout, Spartan will make a distribution to its shareholders. According to the TSX, in connection with the distribution described below, Spartan shareholders will be required to exchange their existing Spartan common shares (the old shares) for new Spartan common shares, which will be identical to the old shares except that the new shares will be evidenced by a new Cusip number (No. 84678A 50 8).

The TSX reports that as a result of the spinout and asset sale, eligible holders of the old shares will receive $9.50 cash, one Logan common share and one Logan share purchase warrant for every old share held. Concurrently, Spartan shareholders will receive one new share in exchange for one old share. The new shares will be listed on the TSX at the open on June 21, 2023, in substitution for the old shares.

According to the TSX, the terms of the new shares are identical to the old shares. There will be no change to the stock symbol (SDE) and it is understood that Logan has applied for a listing on the TSX Venture Exchange. The TSX notes that trades on June 19, 2023, and June 20, 2023, will settle on June 20, 2023.

For more information, see Spartan's management information circular dated April 14, 2023, and its news release dated May 10, 2023, both available on SEDAR.