Return Energy Inc. (To Be Renamed Spartan Delta Corp.) Upsizes Previously Announced Private Placement to $64.0 Million
April 27 2020 - 8:00AM
Return Energy Inc. d.b.a. Spartan Delta Corp.
("
Spartan" or the "
Company")
(RTN: TSXV) is pleased to announce that, as a result of excess
confirmed and committed institutional demand, it has increased its
previously announced financing of subscription receipts
("
Subscription Receipts") detailed in its press
release dated April 23, 2020, to 3,200,000,000 Subscription
Receipts at a price of $0.02 per Subscription Receipt to now raise
gross proceeds of $64.0 million (the "
Private
Placement"). In all other respects, the terms of the
Private Placement and use of proceeds will remain as previously
disclosed in the April 23, 2020, press release.
Closing of the Private Placement is expected to
occur on or about May 8, 2020. The completion of the Private
Placement is subject to customary closing conditions, including the
receipt of all necessary regulatory approvals, including the
approval of the TSX Venture Exchange (the
"TSXV").
National Bank Financial Inc., TD Securities
Inc., Peters & Co. Limited and Eight Capital are acting as
Financial Advisors to Spartan with respect to the Private
Placement.
About Spartan
Return Energy Inc. d.b.a. Spartan Delta Corp. is
a Calgary, Alberta based company engaged in oil and gas exploration
and development. The Common Shares are currently listed on the TSXV
under the trading symbol "RTN".
For additional information please contact:
Fotis KalantzisPresident and Chief Executive
Officerfkalantzis@SpartanDeltaCorp.com |
Richard F. McHardyExecutive Chairmanrmchardy@SpartanDeltaCorp.com
|
Return Energy Inc. 202, 1201 – 5th Street S.W. Calgary,
Alberta T2R 0Y6 |
|
READER ADVISORY
This press release is not an offer of
the securities for sale in the United States. The securities
offered have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any U.S. state securities laws and may not be offered or sold in
the United States absent registration or an available exemption
from the registration requirement of the U.S. Securities Act and
applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking and Cautionary
Statements
This press 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 press release contains forward looking statements
and information concerning the terms of the Private Placement,
receipt of all required regulatory and TSXV approvals, the
anticipated closing date of the Private Placement and the use of
proceeds from the Private Placement.
The forward-looking statements and information
are based on certain key expectations and assumptions made by
Spartan, including expectations and assumptions concerning the
receipt of all approvals and satisfaction of all conditions to the
completion of the Private Placement and the completion of the
Company's acquisition of the assets of Bellatrix Exploration Ltd.
Although Spartan 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 Spartan 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, fluctuations in commodity prices, changes in
industry regulations and political landscape both domestically and
abroad, foreign exchange or interest rates, stock market
volatility, impacts of the current coronavirus (COVID-19) pandemic
and the retention of key management and employees. Please refer to
the Company's most recent Annual Information Form and Management
Discussion and Analysis for additional risk factors relating to
Spartan, which can be accessed either on Spartan's website at
www.spartandeltacorp.com or under the Company's profile on
www.sedar.com. 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. Spartan 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.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press
release.
All dollar figures included herein are
presented in Canadian dollars, unless otherwise noted.
Return Energy (TSXV:RTN)
Historical Stock Chart
From Apr 2024 to May 2024
Return Energy (TSXV:RTN)
Historical Stock Chart
From May 2023 to May 2024