Spartan Delta Corp. Boosts Equity Offering Amid Strong Demand
CALGARY, Alberta — Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is excited to announce a significant increase in its previously planned equity offering, jumping from $50 million to an impressive $85 million. This decision comes as a direct response to overwhelming investor interest.
Details of the Increased Equity Offering
The company has entered into an agreement with a syndicate of underwriters, led by National Bank Financial Inc. as the lead underwriter. They will be purchasing a total of 22,252,000 common shares of Spartan at a price of $3.82 each, which is expected to generate approximately $85 million in gross proceeds. An additional option for the underwriters allows them to purchase an extra 15% of these shares, intended to manage over-allotments and stabilize the market.
Expected Closing Timeline
The completion of this equity offering hinges on customary closing conditions along with the necessary regulatory approvals, including those required by the Toronto Stock Exchange. The anticipated closing date is around the end of January 2025.
About Spartan Delta Corp.
Spartan Delta Corp. stands at the forefront of responsible oil and gas exploration. The company is passionate about creating value for its shareholders while emphasizing sustainability in both operations and finance.
Commitment to Sustainability
With a strong focus on generating Free Funds Flow, Spartan dedicates itself to responsible practices in oil and gas development. The organization's culture promotes sustainable growth through high-quality production opportunities in key areas, including the Deep Basin and Duvernay.
Future Strategies
Moving forward, Spartan will continue its commitment toward executing an organic drilling program. This focus on operational synergies allows the company to respect the environment and the communities where it operates. Spartan remains well-positioned to optimize its strategies in the Deep Basin and engage in further growth and development of its Duvernay asset.
Contact Information
For those seeking additional information, please reach out to:
Fotis Kalantzis
President and Chief Executive Officer
Spartan Delta Corp.
1600, 308 – 4th Avenue SW
Calgary, Alberta, Canada T2P 0H7
Email: IR@SpartanDeltaCorp.com
Website: www.spartandeltacorp.com
Frequently Asked Questions
What is the purpose of Spartan Delta Corp.'s equity offering?
The equity offering aims to raise capital to support Spartan's operational projects and initiatives in the oil and gas sector.
How many common shares are being offered?
Spartan Delta Corp. is offering a total of 22,252,000 common shares to the public.
What price per share has been set for the equity offering?
The common shares are priced at $3.82 each for this equity offering.
When is the expected closing date for the offering?
The closing of the equity offering is anticipated to occur on or around January 30, 2025.
Where can shareholders find more information about Spartan Delta Corp.?
Shareholders can contact the company's President and CEO, Fotis Kalantzis, or visit their website at www.spartandeltacorp.com for more details.
