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TORONTO, ON / ACCESSWIRE / January 31, 2024 / Today, Sparta Capital Ltd. (TSXV:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") announces its intention to issue shares for services to four consultants of the Corporation in exchange for their provision of certain strategic advisory services.
Sparta entered into arm's length consulting agreements dated September 7, 2023 (the "Agreements") with certain consultants (the "Consultants"). The Agreements require that each Consultant provide a fixed number of advisory service hours (1000 hours in aggregate for aggregate fees of $100,000) to the Corporation and upon completion of the fixed hours, the Agreements will terminate. The Agreements further provide that consulting fees may be made in whole or in part, by issuing common shares of the Corporation ("Common Shares") in exchange for the advisory services, at a deemed price to be determined pursuant to regulatory requirements.
The Consultants have completed the fixed hours and the Corporation has made the determination to pay the fees by the issuance of an aggregate of 5,000,000 Common Shares at a deemed price of $0.02 per Common Share, being the most recent closing price of the Common Shares, for aggregate fees of $100,000. The Common Shares will be issued upon receipt of approval from the TSX Venture Exchange.
TruckSuite™ Canada is a wholly owned subsidiary of Sparta Group, offering a robust, all-in-one mobile application within the Canadian transportation (trucking) sector. The Consultants bring vast knowledge to TruckSuite™ in the areas of digital technology, finance, and business development, as well as years of leadership experience related to the trucking industry. The services provided by the Consultants will guide the launch of TruckSuite's Canadian operations.
The issuance of the Common Shares will not result in a change of control; is pursuant to exemptions from prospectus and registration requirements, and is subject to regulatory approval and any applicable hold periods. Following the closing of the shares for services transaction there will be 244,153,923 Common Shares in the capital of the Corporation issued and outstanding.
About TruckSuiteTM
With corporate headquarters in North Carolina, TruckSuite™ LLC is a "technology based" comprehensive Owner Operator Support program that is designed to offer the owner operator all truck ownership benefits typically only available to large fleets. All TruckSuite's products and services are included in one convenient App. Sparta Group works in concert with TruckSuite™ LLC to run the day-to-day Canadian TruckSuite™ operations.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Group is divided into three operational business segments, each accountable for its day-to-day operations and performance. Those segments are, Environment, Energy, and Innovation. Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
Tony Peticca, President Sparta Group
Email : tony@spartagroup.ca
Telephone : (416) 648-6506
This release may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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).
SOURCE: Sparta Group
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