Spark Power Announces Completion of Going Private Transaction with Affiliate of American Pacific Group

OAKVILLE, ON / ACCESSWIRE / December 5, 2023 / Spark Power Group Inc. (TSX:SPG), parent company of Spark Power Corp. ("Spark Power"), is pleased to announce the successful completion of its previously-announced statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario) (the "Arrangement") involving Generator-Spark Canada Buyer Inc. (the "Purchaser"), an affiliate of American Pacific Group, LP ("APG").

Spark Power obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the Arrangement on December 4, 2023.

Pursuant to the Arrangement, among other things, the Purchaser acquired all of the issued and outstanding common shares of Spark Power (the "Common Shares") for cash consideration of $0.825 per Common Share (the "Consideration"). The Arrangement became effective at 12:01 a.m. (Toronto time) on December 5, 2023, resulting in Spark Power becoming a wholly-owned subsidiary of the Purchaser.

Registered shareholders are reminded that, in order to receive the Consideration in exchange for their Common Shares, they must complete, sign and return the letter of transmittal to TSX Trust Company, in its capacity as depositary under the Arrangement, together with their certificate(s) or DRS advice(s) representing their Common Shares. If you have any questions or require further information regarding the procedures for receiving the Consideration, please contact Spark Power's proxy solicitation agent, TMX Investor Solutions Inc.: (i) by telephone at 1-866-828-9088 (North American Toll Free) or 1-201-806-7301 (Outside North America); or (ii) by email at [e-mail].

As a result of the completion of the Arrangement, the Common Shares are expected to be delisted from the Toronto Stock Exchange within three business days following closing. Following the delisting, Spark Power intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Further details regarding the Arrangement are set out in Spark Power's management information circular dated November 2, 2023, which is available on SEDAR+ (www.sedarplus.ca) under Spark Power's issuer profile.

Advisors

MPA Morrison Park Advisors Inc. acted as financial advisor to the special committee of independent directors of Spark Power (the "Special Committee"). Bennett Jones LLP acted as legal advisor to the Special Committee. Stikeman Elliott LLP and Jones Day acted as legal advisors to the Purchaser.