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CALGARY, AB / ACCESSWIRE / May 29, 2020 / Sparta Capital Ltd. (TSXV:SAY) (the "Corporation" or "Sparta") today announced that it will be delaying the filing and delivery of its second quarter interim financial statements and management's discussion and analysis (the "Interim Financial Documents"), for the period ended March 31, 2020, due to logistics and delays caused by the COVID-19 pandemic.
Sparta is relying on the temporary blanket relief for market participants from certain regulatory filings published by Canadian securities regulators on March 23, 2020 as a result of the COVID-19 pandemic, which allows for the delay in the filing of its Interim Financial Documents required pursuant to National Instrument 51-102 Continuous Disclosure Obligations and the filing of the related certifications (collectively, the "Required Filings"). In response to the COVID-19 pandemic, securities regulatory authorities in Canada have granted this blanket exemption allowing the Corporation an additional 45 days to complete its regulatory filings.
The Corporation estimates that its second quarter documents will be available for filing at its earliest opportunity, which is expected to occur on or before June 8, 2020. Pursuant to the Required Filings, the Corporation's management and other insiders are subject to a trading blackout, until such time as the Required Filings are filed.
There have been no material business developments since the date of the last Required Filings, filed on March 2, 2020; however, the Corporation has issued news releases subsequent to March 2, 2020, including an announcement on May 27, 2020 in which the Corporation announced a proposed Private Placement that indicates the Corporation is looking to issue up to 10,000,000 units ("Units") of the Corporation at a price of $0.025 per Unit for gross proceeds of up to $250,000.00. Copies of this and all other releases are available on SEDAR at www.sedar.com.
Sparta Group is a company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For further information please contact:
John O'Bireck, President
Telephone: (905) 751-8004
This news release contains "forward-looking information" within the meaning of applicable securities laws. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. In particular, this news release contains forward-looking statements relating to, among other things, statements regarding the estimated date of filing of the Company's Required Filings and involve known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking statements, including: risks that the COVID-19 pandemic and associated consequences will result in additional delays in the preparation of the Company's Required Filings and other factors beyond the Company's control.
All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sparta Capital Ltd.
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