Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to announce that, as a result of excess demand, it has agreed with the syndicate of underwriters (the “Underwriters”) led by National Bank Financial Inc., as lead underwriter and sole bookrunner, to increase the size of its previously announced bought deal equity financing (the “Equity Offering”) from $50.0 million to $85.0 million.
The Underwriters have agreed to purchase for resale to the public, on a bought-deal basis, a total of 22,252,000 common shares (“Common Shares”) of Spartan at a price of $3.82 per Common Share for gross proceeds of approximately $85.0 million. The Underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under the Equity Offering at a price of $3.82 per Common Share to cover over-allotments and for market stabilization purposes exercisable in whole or in part at any time until 30 days after closing. In all other respects, the terms of the Equity Offering and use of proceeds therefrom will remain as previously disclosed in the January 13, 2025 press release.
The completion of the Equity Offering is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange. Closing of the Equity Offering is expected to occur on or around January 30, 2025.