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SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF THE PREVIOUSLY ANNOUNCED SPIN-OUT TRANSACTION AND MANAGEMENT CHANGES
SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF THE PREVIOUSLY ANNOUNCED SPIN-OUT TRANSACTION AND...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n \n \n \n SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF THE PREVIOUSLY ANNOUNCED SPIN-OUT TRANSACTION AND MANAGEMENT CHANGES\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 \n CALGARY, AB\n \n \n ,\n \n \n July 13, 2023\n \n \n /CNW/ -\n \n Spartan Delta Corp.\n \n (\"\n \n Spartan\n \n \") (TSX:SDE) is pleased to announce that Logan Energy Corp. (\"\n \n Logan\n \n \") has commenced operations as a new high growth company following the completion of the previously announced transfer by Spartan to Logan of its early stage\n \n Montney\n \n assets in exchange for common shares (the \"\n \n Logan Shares\n \n \") and warrants (the \"\n \n Logan Warrants\n \n \") of Logan (the \"\n \n Spin-Out\n \n \"). In addition, Spartan has completed the distribution of the cash proceeds from the previously announced asset sale, and the Logan Shares and Logan Warrants issued pursuant to the Spin-Out, to the eligible holders of the common shares of Spartan (the \"\n \n Spartan Shares\n \n \" and collectively, the \"\n \n Distribution\n \n \").\n \n \n The Logan Shares have been conditionally approved for listing by the TSX Venture Exchange (the \"\n \n TSXV\n \n \"). Trading in respect of the Logan Shares is expected to commence on or about\n \n July 18, 2023\n \n , under the symbol \"LGN\".\n \n \n Pursuant to the Distribution, eligible Shareholders received:\n \n \n \n \n $9.50\n \n in cash per Spartan Share;\n \n \n 1.0\n \n Logan Share\n \n per Spartan Share; and\n \n \n 1.0 Logan Warrant per Spartan Share, each warrant entitling the holder to acquire one\n \n Logan Share\n \n at an exercise price of\n \n $0.35\n \n per\n \n Logan Share\n \n at any time on or before\n \n July 31, 2023\n \n .\n \n \n \n \n Action is required by Shareholders to receive the Distribution. For additional details with respect to eligibility and the process to receive the Distribution, see Spartan's press release dated\n \n May 10, 2023\n \n .\n \n \n \n Registered holders of Transaction Warrants seeking to exercise are required to contact the Company's transf...