Spara Acquisition One Corp. to complete private placement
OTTAWA, Nov. 2, 2012 /CNW/ - Spara Acquisition One Corp. (TSXV: SAO.P), today announced that it intends to complete a private placement of 368,153 common shares at a price of $0.10 per share for gross proceeds of $36,815.30 through a non-brokered private placement.
The purpose of the private placement is to increase Spara Acquisition One Corp's cash reserves as it looks forward to finding a new qualifying transaction. The net proceeds of the offering will be used to identify and evaluate assets or business prospects with a view to the completion of a qualifying transaction.
The securities issued under this private placement are and will be subject to restrictions on transfer, including a hold period ending four months after issuance. The private placement remains subject to TSX Venture Exchange approval. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Spara Acquisition One Corp.
Spara Acquisition One Corp. is designated as a Capital Pool Company by the TSX Venture Exchange. The company has not commenced commercial operations and has no assets other than cash. Any proposed qualifying transaction must be approved by the TSX Venture Exchange and, in the case of a non-arm's length qualifying transaction, must also receive majority approval of the minority shareholders. Until the completion of a qualifying transaction, the company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a qualifying transaction.
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 Spara Acquisition One Corp.