Spara Acquisition One Corp Completes $700,000 Initial Public Offering

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 TSX-V.

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

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

Forward-Looking Statements

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 circumstances.

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:

Jason Sparaga
Chief Executive Officer

Profil de l'entreprise

Spara Acquisition One Corp.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.