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Return Energy Inc. Announces Closing of Recapitalization and Appointment of New Management Team Marking the Return of the Spartan Franchise as "Spartan Delta Corp."
Return Energy Inc. Announces Closing of Recapitalization and Appointment of New Management...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\nReturn Energy Inc. Announces Closing of Recapitalization and Appointment of New Management Team Marking the Return of the Spartan Franchise as \"Spartan Delta Corp.\"\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 19, 2019\n\n\n\nCALGARY, Dec. 19, 2019 /CNW/ - Return Energy Inc. (\"Return\" or the \"Company\") (RTN: TSXV) is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate gross proceeds of $25.0 million (the \"Private Placement\") and appointed a new management team (the \"New Management Team\") and new board of directors (the \"New Board\") of the Company (collectively, the \"Transaction\").  Following the Transaction, the Company's name will be changed to \"Spartan Delta Corp.\" (the \"Name Change\").\nPrivate Placement\nPursuant to the Private Placement, the Company issued an aggregate of 1,620,350,000  units (\"Units\") and 879,650,000 common shares (\"Common Shares\") in the capital of the Company at a price of $0.01 per Unit and Common Share, as applicable, for gross proceeds of $25.0 million.  The Private Placement generated significant demand from investors who provided indications materially in excess of $25.0 million.  Proceeds from the Private Placement will be used to fund additional working capital and possible acquisition opportunities.\nEach Unit was comprised of one Common Share and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.01 (the \"Exercise Price\") for a period of five years. The Warrants will vest and become exercisable in accordance with the terms set forth in the press release of the Company dated November 21, 2019.\nPursuant to applicable securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months plus one day following the date of issuance of such securities.  The Company has received the written consent of a majority of its shareholders to complete the Transaction. T...