Following the Transaction, the Company's name will be changed to 'Spartan
Private Placement
Pursuant 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
Each 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
Pursuant 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. The Private Placement remains subject to the final approval of the
New Management Team
The New Management Team was appointed concurrently with the completion of the Private Placement, which is led by
The New Management Team expects to focus on predominantly light oil opportunities in
About Return
Contact:
Email: fkalantzis@SpartanDeltaCorp.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends' and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning: the use of proceeds from the Private Placement; final approval of the TSXV in respect of the Private Placement; the completion of the Name Change and the business plan of the Company.
The forward-looking statements and information are based on certain key expectations and assumptions made by Return, including expectations and assumptions concerning TSXV and regulatory approvals, shareholder approvals, the use of proceeds from the Private Placement and the ability of the New Management Team to implement the corporate strategy of the recapitalized Company. Although Return believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Return can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, the parties being unable to obtain the required TSXV approvals, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, foreign exchange or interest rates, stock market volatility, the availability of assets and corporate acquisitions meeting the New Management Team's acquisition criteria, the retention of key management and employees and obtaining required approvals of regulatory authorities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Return undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
(C) 2019 Electronic News Publishing, source