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SPARQ Announces Filing of Financial Results for the Three and Nine Months Ended September 30, 2023; Completion of Loan Financing
Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - SPARQ Systems Inc. (TSXV: SPRQ) (OT...
About this update from Sparq Systems Inc
[{"type":"text","content":"SPARQ Announces Filing of Financial Results for the Three and Nine Months Ended September 30, 2023; Completion of Loan FinancingToronto, Ontario--(Newsfile Corp. - November 27, 2023) - SPARQ Systems Inc. (TSXV: SPRQ) (OTCQX: SPRQF) (formerly, SPARQ Corp.) (\"SPARQ\" or the \"Company\") announces the filing with Canadian securities regulatory authorities of its interim consolidated financial statements and related management's discussion and analysis for the three and nine months ended September 30, 2023. An electronic copy of each document may be obtained on the Company's SEDAR+ profile at www.sedarplus.ca.The Company also announces that it has obtained an unsecured loan from 96347 Canada Inc., an arm's length party to the Company (the \"Lender\"), in the principal amount of $500,000 (the \"Loan\"). The Loan bears interest at a rate of 12% per annum and the principal and accrued interest on the Loan will be payable on earlier of: (i) the six month anniversary of the Loan; and (ii) the date on which the Company completes an equity or debt financing. The Loan proceeds shall be used for the Company's working capital requirements and other general corporate purposes.In connection with the Loan, the Lender was issued 1,000,000 common share purchase warrants (each, a \"Bonus Warrant\"). Each Bonus Warrant shall entitle the Lender to purchase one (1) common share in the capital of the Company (each, a \"Common Share\") at a price per share equal to the greater of: (i) $0.15; and (ii) the closing trading price of the Common Shares on the first date prior to the Expiry Date (as defined herein) that the Company announces a proposed equity or debt financing. The Bonus Warrants and the underlying Common Shares shall be subject to a four month statutory hold and shall expire one year from the date of their issuance (the \"Expiry Date\").The Loan and the issuance of the Bonus Warrants are subject to the prior approval of the TSX Venture Exchange.ABOUT SPARQSPARQ designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. SPARQ has developed a proprietary PV solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market...