RE:Lots of Interest in SPG Yes, here's some of the news release and there appear to now be approx. 90 million shares.
Some simple math may give us the new share price target if we consider a previous share price, at the previous number of shares.
cleareye.
2022-01-31 11:31 ET - News Release
Mr. Jason Sparaga reports
SPARK POWER ANNOUNCES CLOSING OF COMBINED $39.6 MILLION OF EQUITY FINANCINGS
Spark Power Group Inc. has completed the previously announced rights offering, which expired at 5 p.m. Toronto time on Jan. 26, 2022.
Upon closing of the Rights Offering, Spark Power issued approximately 24.7 million common shares of the Company ("Common Shares") at a price of $1.20per Common Share for aggregate gross proceeds of approximately $29.6 million. Pursuant to the terms of the Rights Offering, each eligible shareholder was entitled to subscribe for 0.4393346119 of a Common Share for every right held by such shareholder.
An aggregate of 14,123,786 Common Shares were issued under the basic subscription privilege. Of these Common Shares, 5,874,961 were distributed to persons who are insiders of Spark Power and 8,248,825 Common Shares were issued to the remaining subscribers under the basic subscription privilege.
An aggregate of 2,191,568 Common Shares were distributed under the additional subscription privilege. Of these Common Shares, 1,217 were distributed to persons who are insiders of Spark Power and 2,190,351 Common Shares were issued to the remaining subscribers under the additional subscription privilege.
As previously announced in the Company's press release dated December 15, 2021, in connection with the Rights Offering, the Company entered into standby guarantee agreements (the "Standby Agreements") with certain holders of promissory notes (the "First Standby Guarantors") and Red Jar Capital Corp.("Red Jar") (a company jointly controlled by Jason Sparaga, Andrew Clark and Eric Waxman). The First Standby Guarantors acquired an aggregate of 3,858,779 Common Shares pursuant to their Standby Agreements. Red Jar acquired an aggregate of 10,166,667 Common Shares, pursuant to the exercise of its rights and the acquisition of 4,500,000 Common Shares under its standby commitment under the Rights Offering.
As of the closing date, the Company currently has 89,941,701 Common shares.