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Spartan Delta Corp. Announces Early Conversion of Promissory Note
Spartan Delta Corp. Announces Early Conversion of Promissory Note Canada NewsWi...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n \n \n \n Spartan Delta Corp. Announces Early Conversion of Promissory Note\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 29, 2021\n \n /CNW/ -\n \n Spartan Delta Corp.\n \n (\"\n \n Spartan\n \n \" or the \"\n \n Company\n \n \") (TSX: SDE) announces that the\n \n $50.0 million\n \n unsecured non-interest-bearing convertible promissory note of the Company (the \"\n \n Spartan Note\n \n \") issued on\n \n March 18, 2021\n \n in connection with the acquisition of Inception Exploration Ltd. was converted today into 5,882,353 common shares in the capital of the Company (the \"\n \n Common Shares\n \n \") at a conversion price of\n \n $8.50\n \n per Common Share and the Spartan Note was cancelled.\n \n \n \n \n \n \n \n \n \n Pursuant to an amending agreement entered into between Spartan and the holder of the Spartan Note, the parties agreed to the early conversion of the Spartan Note at a conversion price of\n \n $8.50\n \n per Common Share.\n \n \n Prior to the amendment, the Spartan Note was convertible on or after\n \n March 18, 2023\n \n for such number of Common Shares calculated based on the greater of: (i) the volume weighted average trading price of the Common Shares for the 10 trading days immediately preceding the delivery by Spartan of a notice of conversion to the holder of the Spartan Note; and (ii)\n \n $7.67\n \n per Common Share.\n \n \n \n ABOUT SPARTAN DELTA CORP.\n \n \n \n Spartan is building a sustainable energy company whose ESG-focused culture is centered on generating sustainable Free Funds Flow through responsible oil and gas exploration and development. The Company has established a portfolio of high-quality production and development opportunities in the Deep Basin and\n \n Montney\n \n . Spartan is focused on the execution of the Company's organic drilling program, delivering operational synergies in a respectful and responsible manner to the environment and communities it operates in. The Company is well positioned to continue pursuing immediate production optimizatio...