Sparta Capital Ltd. Announces Proposed Private Placement

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TORONTO, ON / ACCESSWIRE / May 13, 2024 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is pleased to announce that, subject to regulatory approval, the Corporation intends to complete a non-brokered private placement (the "Private Placement") of up to 50,000,000 units of the Company ("Units") at a price of $0.02 per Unit for gross proceeds of up to $1,000,000. Each Unit is comprised of one (1) common share of the Corporation ("Common Share") and one full Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.10 per Common Share for a period of eighteen (18) months from the date of closing the Offering (the "Warrant Expiry").

The Company intends to use the net proceeds for the launch of TruckSuite Canada's product offering, to cover some general corporate purposes that include, audit, legal, licenses and fees. Following a review of the product offering in Q4 2023, the groundwork was laid for TruckSuite Canada. Sparta management, alongside the team of experts from TruckSuite LLC in the United States, plan to launch TruckSuite Canada this year. TruckSuite Canada requires the funding to cover licencing and specialty insurance registration, sales and marketing materials, brokerage costs, communications planning, as well as initial setup of administration and operational functions.

The price per Common Share has been set based on the weighted average and the last trading price on the TSX Venture Exchange prior to the issuance of this press release. If at any time before the Warrant Expiry the volume weighted average trading price of the Common Shares is greater than $0.12 for ten consecutive trading days, the Corporation may, at its sole discretion, accelerate the Warrant Expiry Date by giving 30 days notice to each holder of Warrants.

None of the proceeds received will be used to pay non-arm's length parties nor will they be used to pay investor relations activities. Should the maximum Offering not be achieved, the use of proceeds will be adjusted by the Corporation. If Sparta receives total subscriptions pursuant to the existing security holders' exemption, which causes the Offering to exceed $1,000,000, Sparta may accept such subscriptions on a first come, first serve basis. There is no minimum Offering.