Business
Spartan Delta Corp. Announces Completion of $150.0 Million Bought Deal Financing
Spartan Delta Corp. Announces Completion of $150.0 Million Bought Deal Financing ...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n \n \n \n Spartan Delta Corp. Announces Completion of $150.0 Million Bought Deal Financing\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n \n \n \n \n CALGARY, AB\n \n ,\n \n Aug. 18, 2021\n \n /CNW/ -\n \n Spartan Delta Corp.\n \n (\"\n \n Spartan\n \n \" or the \"\n \n Company\n \n \") (TSXV: SDE) (TSXV: SDE.N) is pleased to announce it has closed its previously announced bought deal public offering of 29,703,000 subscription receipts (the \"\n \n Subscription Receipts\n \n \") at a price of\n \n $5.05\n \n per Subscription Receipt for aggregate gross proceeds of approximately\n \n $150.0 million\n \n (the \"\n \n Prospectus Offering\n \n \"). The Prospectus Offering was co-led by National Bank Financial Inc. and CIBC World Markets Inc. (together, the \"\n \n Co-Lead Underwriters\n \n \") on behalf of a syndicate of underwriters (collectively, the \"\n \n Underwriters\n \n \").\n \n \n Each Subscription Receipt represents the right to receive, without payment of additional consideration or further action on the part of the holder thereof, one common share of Spartan (a \"\n \n Common Share\n \n \") upon satisfaction of the Escrow Release Conditions (as defined below). The Company intends to use the net proceeds of the Prospectus Offering to partially fund the cash amount payable in connection with the previously announced acquisition of all of the issued and outstanding shares of Velvet Energy Ltd. (the \"\n \n Acquisition\n \n \"). Closing of the Acquisition is expected to occur on or about\n \n August 31, 2021\n \n .\n \n \n The gross proceeds from the sale of Subscription Receipts have been placed in escrow pending satisfaction of the following escrow release conditions (the \"\n \n Escrow Release Conditions\n \n \"): (i) all conditions, undertakings and other matters to be satisfied, completed or otherwise met prior to the completion of...