Convert Deal CanceledDilutive deal off the table...thankfully!
OAKVILLE, ONTARIO – March 11, 2021 – Spark Power Group Inc. (“Spark Power” or the “Company”) (TSX: SPG) today announced the mutual termination of the underwriting agreement dated February 24, 2021 and the bought deal offering of convertible debentures contemplated therein by Spark Power and the syndicate of underwriters party thereto.
Obstacles in meeting the timing requirements under the underwriting agreement as a result of the necessary restatement of its financial statements contributed to the decision not to move forward with the pending financing. No breakup fees or other amounts are owed by either party as a result of the termination of the underwriting agreement.
“Given the challenges in consummating this deal, the Company and the underwriters felt it was prudent to terminate the offering at this time,” says Jason Sparaga, Executive Chairman of Spark Power.