Spartan Delta Corp. Upsizes Previously Announced Financings

NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

CALGARY, Alberta, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Spartan Delta Corp. ("Spartan" or the "Company") (TSXV:SDE) is pleased to announce that, as a result excess demand, it has increased the size of its previously announced non-brokered private placement (the "Private Placement") and has agreed with the syndicate of underwriters led by National Bank Financial Inc. to increase the size of its previously announced bought-deal financing (the "Prospectus Offering"). Spartan will now issue: (i) 10,000,000 common shares (the "Common Shares") at a price of $4.00 per Common Share and 7,226,626 Common Shares to be issued on a “CDE” flow-through basis (the "Flow-Through Shares") at a price of $4.92 per Flow-Through Share, to raise aggregate gross proceeds of $75,555,000 pursuant to the Private Placement; and (ii) 11,250,000 subscription receipts (the "Subscription Receipts") at a price of $4.00 per Subscription Receipt to raise aggregate gross proceeds of $45,000,000 pursuant to the Prospectus Offering and, together with the Private Placement, total gross proceeds of $120,555,000.

In all other respects, the terms of the Private Placement, the Prospectus Offering and use of proceeds therefrom will remain as previously disclosed in the February 16, 2021 press release.

The Subscription Receipts issued pursuant to the Prospectus Offering will be distributed by way of a short form prospectus in all provinces of Canada (excluding Québec) and may also be placed privately in the United States to Qualified Institutional Buyers (as defined under Rule 144A under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) pursuant to an exemption under Rule 144A, and may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws. Completion of the Private Placement and the Prospectus Offering are subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV"). Closing of the Private Placement and the Prospectus Offering are both expected to occur on March 8, 2021.

https://www.stockwatch.com/News/Item?bid=Z-C:SDE-3033120&symbol=SDE®ion=C

fm