OTTAWA, Nov. 1, 2011 /CNW/ - Spara Acquisition One Corp. (the "Company") announced today that it has successfully completed its initial public
offering (the "Offering") of 7,000,000 common shares at a price of $0.10 per share for gross
proceeds of $700,000. Fin-XO Securities Inc. ("Fin-XO") acted as agent for the Offering. Together with the Company's seed
financing round, to date the Company has raised aggregate gross
proceeds of $1,200,000.
The TSX Venture Exchange (the "TSX-V") has conditionally accepted the listing of the common shares and
listing will be subject to the Company fulfilling all the listing
requirements of the TSX-V. The Company will be submitting information
necessary to satisfy the final conditions imposed by the TSX-V and
expects its common shares will begin trading shortly on the TSX-V under
the symbol "SAO.P".
In connection with the Offering, Fin-XO received a cash commission of
$70,000, being 10% of the gross proceeds of the Offering, a corporate
finance fee of $10,000 plus HST, and the Company granted to Fin-XO a
non-transferable option to purchase up to 700,000 common shares of the
Company at a price of $0.10 per common share for a period of
twenty-four months from the date of listing of the common shares on the
The net proceeds of the Offering will be used to identify and evaluate
businesses or assets with a view to completing a "Qualifying
Transaction" under the Capital Pool Company program of the TSX-V as
disclosed in the Company's prospectus dated September 28, 2011 (the "Prospectus").
The Company's board of directors is comprised of Jason Sparaga, Scott
Broder, Stephen Headford, Jeff Rushton and Scott Dexter. Jason Sparaga
is the President, Chief Executive Officer and Chief Financial Officer
and Shane McLean is the Corporate Secretary. Detailed information
regarding each director and officer is contained in the Prospectus,
which is available to the public at www.sedar.com.
About Spara Acquisition One Corp.
The Company is designated as a Capital Pool Company by the TSX-V. The
Company has not commenced commercial operations and has no assets other
than cash. The purpose of the Offering is to provide the Company with
funds to identify and evaluate businesses or assets with a view to
completing a Qualifying Transaction (as defined in the Prospectus).
Any proposed Qualifying Transaction must be approved by the TSX-V 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.
For further information regarding the Company, the Offering, and the
Company's management team, please see the Prospectus filed with the
Company's disclosure documents on SEDAR at www.sedar.com.
This press release may contain or refer to forward-looking information
based on current expectations. These statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
actual results will be consistent with such statements. These
forward-looking statements are made as of the date hereof and we assume
no responsibility to update or revise them to reflect new events or
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.
For further information:
Chief Executive Officer