Mr. John O'Bireck reports
SPARTA ACQUIRES SUPERNOVA PERFORMANCE TECHNOLOGIES LTD.
Further to the news release dated Jan. 10, 2017, Sparta Capital Ltd. has acquired 100 per cent of the issued and outstanding shares in Toronto-based SuperNova Performance Technologies Ltd. for common shares of Sparta on a one-for-one basis, resulting in SuperNova becoming a wholly owned subsidiary of Sparta.
The transaction involved the issuance of 9,849,750 Sparta common shares at a deemed value of five cents per common share. Sparta also issued 6,196,000 warrants to SuperNova warrantholders 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 acquisition have an average exercise price of 25 cents and range from five cents 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.
Performance Technologies Ltd.
SuperNova 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 fosters and distributes a range of energy-efficient solutions. Following the acquisition of Canadian-based Newport Environmental Technologies Ltd., Sparta continued the process of securing several other licences 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.
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