99.9% Support Received G. Wesley Roberts Rejoins Company Board
TORONTO, ONTARIO--(Marketwired - Nov. 7, 2016) - Sparton Resources Inc. (TSX
VENTURE:SRI) ("Sparton" or the "Company") reports the results of its
Special Shareholder Meeting held on November 3, 2016. A total of 50,711,378 votes were cast in respect of each of the three
resolutions put before the Company's shareholders and approvals were given with at least 50,546,478 votes cast in favour of each
resolution, representing more than 99.9% of the total votes cast on each resolution.
Transaction Status
With shareholder approvals received, the Company and its 89.8% owned subsidiary, VanSpar Mining Inc. ("VMI"), will now proceed
to close the previously announced transaction by which a private investment corporation will directly fund the acquisition of
100% of the shares of JD Holding Inc. ("JDH") for US$3.3 million, pay US$605,000 to VMI and, within 20 business days after
closing, contribute US$2.0 million of working capital to JDH. On closing, VMI will cause 82% of the JDH shares to be
transferred to the private investment corporation, with the remaining 18% being retained by VMI. JDH is the parent company to an
international group of vanadium battery manufacturing and distribution companies.
These transactions are expected to be closed by mid-November, 2016.
See Sparton news release dated September 27, 2016 for further background.
JDH Investment
Sparton and VMI look forward to the success of JDH and its reactivation of the Prudent Energy vanadium flow battery ("VRB")
manufacturing businesses. Recent developments in the fast growing, large scale, industrial electricity storage industry, have
highlighted VRB as the lowest cost, safest and most efficient type of battery technology solution available today. The success of
the 8 megawatt hour VRB installation at the Zhangbei Project in China, which was constructed by Prudent Energy and commissioned
by staff engaged by VMI, has successfully operated now for over 10 months since commissioning, and is clearly a showpiece for
large scale energy storage systems and the recognition of VRB electricity technology applications in an international arena.
VRB is the ideal solution to increase renewable energy power generation efficiencies through electricity storage and has
multiple other applications. Prudent has installed batteries in 12 different countries and has over 800,000 hours of testing and
quality assurance development already completed. It has a large portfolio of intellectual property registrations supporting its
existing and new technology development.
Going Forward
Among future resource related activities, Sparton and VMI's work going forward will include, but not be limited to, the
evaluation of vanadium related resources which could serve as sources of raw material for the manufacturing of vanadium flow
battery systems.
Director Appointment
Sparton is pleased to welcome George Wesley Roberts who has been appointed back to its Board of Directors after a short
absence. Wes is a seasoned mining and financial engineer with many years of experience in resource production, evaluation, legal
and financing matters. He has served on the company advisory committee continuously and we are delighted to have him return as a
full board member.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The
forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all
such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and,
accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer
to sell or solicitation of an offer to buy any of the securities described herein.
We Seek Safe Harbour