In This Article:
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 / August 26, 2024 / Sparta Group (TSXV:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that the non-brokered private placement previously announced on May 13, 2024 (the "Private Placement") of up to 50,000,000 units of the Company ("Units") at a price of $0.02 per Unit for gross proceeds of up to $1,000,000 has now been extended until September 25, 2024.
The Private Placement was originally extended until the end of August 2024, as outlined in a prior news release dated June 25, 2024. This further extension is expected to give Sparta executive time to engage more with interested investors now that seasonal distractions are ending.
The Company intends to use the net proceeds of the Private Placement to cover audit, legal, and license fees, as well as brokerage and product promotion. 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 Private Placement is subject to certain conditions including but not limited to, the receipt of all necessary approvals, including 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.
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. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Capital Ltd. is strategically positioned across three dynamic business verticals, each engineered to integrate cutting-edge technologies and drive sustainable growth. Environment: ERS International, is a waste management operation with its state-of-the-art, proprietary e-waste processing technologies. 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™, guided by top industry experts, 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.