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TORONTO, ON / ACCESSWIRE / August 26, 2024 / Sparta Group (TSXV:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that the non-brokered private placement previously announced on May 13, 2024 (the "Private Placement") of up to 50,000,000 units of the Company ("Units") at a price of $0.02 per Unit for gross proceeds of up to $1,000,000 has now been extended until September 25, 2024.
The Private Placement was originally extended until the end of August 2024, as outlined in a prior news release dated June 25, 2024. This further extension is expected to give Sparta executive time to engage more with interested investors now that seasonal distractions are ending.
The Company intends to use the net proceeds of the Private Placement to cover audit, legal, and license fees, as well as brokerage and product promotion. None of the proceeds received will be used to pay non-arm's length parties nor will they be used to pay for investor relations activities.
The Private Placement is subject to certain conditions including but not limited to, the receipt of all necessary approvals, including final approval of the TSX Venture Exchange Inc. ("TSXV"). Pursuant to applicable securities laws, all securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of closing. Furthermore, Sparta will be relying on the existing security holders' exemption, as well as other available prospectus exemptions. For those investors relying upon the exemption for existing security holders, the aggregate acquisition cost to a subscribing shareholder of all securities of Sparta cannot exceed $15,000 in the previous 12 months, unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the subscriber's jurisdiction.
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 a separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Capital Ltd. is strategically positioned across three dynamic business verticals, each engineered to integrate cutting-edge technologies and drive sustainable growth. Environment: ERS International, is a waste management operation with its state-of-the-art, proprietary e-waste processing technologies. Health: Sparta Health Corporation is a vertical harnessing the power of Artificial Intelligence (AI), Machine Learning (ML), and Augmented Reality (AR), to develop technologies that enhance personalized patient care and improve treatment outcomes. Transportation: TruckSuite™, guided by top industry experts, is a comprehensive suite of products and services designed to keep trucks operational and drivers competitive. TruckSuite management believes their offerings can play a pivotal role in enhancing the logistics and transportation industry.
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
Email: tony@spartagroup.ca
Telephone: 416-648-6506
This above 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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