Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws
TORONTO, ON / ACCESSWIRE / October 2, 2024 / Sparta Group (TSX.V:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of units of the Company ("Units").
Pursuant to the closing of the Private Placement, the Company issued 5,101,500 Units at a price of $0.02 per Unit for gross proceeds of CDN $102,030.00.
Each is comprised of one (1) common share ("Common Share") and one full Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.10 per Common Share for a period of eighteen (18) months from the date of closing the Offering (the "Warrant Expiry").
Sparta intends to use the net proceeds of the Private Placement to cover audit, legal, and license fees. None of the proceeds received will be used to pay non-arm's length parties nor will they be used to pay for investor relations activities. The closing of the Private Placement is subject to final approval of the TSX Venture Exchange Inc. ("TSXV").
Pursuant to applicable securities laws, all securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of closing. Furthermore, Sparta will be relying on the existing security holders' exemption, as well as other available prospectus exemptions. For those investors relying upon the exemption for existing security holders, the aggregate acquisition cost to a subscribing shareholder of all securities of Sparta cannot exceed $15,000 in the previous 12 months, unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the subscriber's jurisdiction.
The news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act 1933, as amended (the "U.S Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S persons unless registered under the U.S Securities Act and applicable state securities laws or an exemption from such registration is available.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as a separate subsidiary. Sparta's business entities fall into three different divisions: Environment: ERS International, is a waste management operation with its state-of-the-art, proprietary e-waste processing technologies. ERS is dedicated to continuous innovation, as well as increased sustainability and security for both the company and its customers. It offers a unique carbon credit program and has attracted significant attention from companies that deal with big data and the need to reduce carbon footprint. ERS has operations in Canada, the Middle East and South America. Health: Sparta Health Corporation is a vertical harnessing the power of Artificial Intelligence (AI), Machine Learning (ML), and Augmented Reality (AR), to develop technologies that enhance personalized patient care and improve treatment outcomes. Transportation: TruckSuite™, is a comprehensive suite of products and services designed to keep trucks operational and drivers competitive. TruckSuite management believes their offerings can play a pivotal role in enhancing the logistics and transportation industry
Sparta is a publicly traded company listed on the TSXV Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact: Tony Peticca, President Email: tony@spartagroup.ca Telephone: 416-648-6506
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, 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 information 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. 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
