Sparta Announces - Private Placement of Units
Sparta Announces - Private Placement of Units
Calgary, Alberta CANADA, May 31, 2013 /FSC/ - Sparta Capital Ltd. (SAY - TSX Venture),
("Sparta" or the "Corporation") Sparta also announces today that it has finalized the terms and conditions of an equity private placement (the "Offering"). Pursuant to the terms of the Offering, Sparta will issue up to 10,000,000 units ("Units") of the Corporation at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit will be comprised of one common share ("Common Share") and one share purchase warrant ("Warrant") of the Corporation. Each Warrant will entitle the holder thereof to acquire an additional Common Share at a price of $0.10 per Common Share for up to Two (2) Years following the closing of the Offering (the "Closing Date"). The Warrants will expire two years from the Closing Date (the "Warrant Expire Date"), unless the volume weighted average trading price of the Common Shares on the Exchange during the 20 business days immediately prior to the date for which such calculation is made of the Common Shares is greater $0.14 (the "Callable Event"). If the Callable Event occurs, the Warrant Expiry Date may be accelerated, in the Corporation's sole discretion, to 30 business days from the Callable Event date. The Units will be subject to resale restrictions imposed by applicable securities laws and the policies of the Exchange.
The Corporation may pay finders' fees in cash or securities of the Corporation of up to 7% of the gross proceeds raised pursuant to the Offering to eligible persons in accordance with applicable laws.
The Offering is scheduled to close on or about June 30th, 2013 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange.
The proceeds from the Offering will be used by the Corporation for general working capital purposes and for sales and marketing expenses of the AddecoTech Precision Fuel Additive Injector - Model SS10L (the "Product").
(About Sparta)
Sparta is in the commercialization stage of a fuel savings and emission reduction product, the AddecoTech Precision Fuel Additive Injector - Model SS10L. Sparta acquired the world-wide right to manufacture and distribute the Product in December 2009. Thereafter, Sparta completed product development and obtained third party product safety certification. The Product was developed for commercial distribution as a means to automate the process of adding fuel additive into the fuel tank of diesel engines at each refuelling.
Further information about the Product may be obtained at www.addecotech.com
For further information related to Sparta, please contact:
Tom Brown, President, CEO
Telephone: (587) 400-2730
tombrown.sk@gmail.com
to view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/sparta05312013.pdf
Source: Sparta Capital Ltd. (TSXV SAY) www.spartacapital.com
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