More M&A As Spartan Delta Makes 3 Acquisitions Spartan Delta Corp. this afternoon announced three strategic acquisitions, “executing on its stated acquisitive growth strategy within Western Canada.”
Total consideration for the three acquisitions is approximately $147.9 million, subject to certain closing adjustments.
The acquisitions include the corporate acquisition of Inception Exploration Ltd., a Montney focused arm's-length private company with operations in the Gold Creek area of northwest Alberta and the purchase of assets located primarily in the Simonette area of northwest Alberta and Willesden Green area of Alberta.
Spartan also announced a $50 million non-brokered private placement and a $30 million bought deal equity financing led by National Bank Financial Inc. for total gross proceeds of $80 million.
All Spartan cornerstone shareholders have committed to participate in the non-brokered private placement.
"The acquisitions add a new core area in the Alberta Montney and complement Spartan's existing core area in the Cardium and Spirit River in west-central Alberta. The Financings further bolster Spartan's strong balance sheet and enable further pursuit of our consolidation strategy," said Fotis Kalantzis, president and chief executive officer of Spartan