Sparcap One Ltd.
TSX VENTURE : SON.P

January 21, 2014 17:14 ET

Sparcap One Ltd. Announces Termination of Proposed Qualifying Transaction

TORONTO, ONTARIO--(Marketwired - Jan. 21, 2014) - Sparcap One Ltd. (the "Company") (TSX VENTURE:SON.P), a capital pool company, announces the termination of its previously announced option agreement with Griftco Corporation which was intended to constitute the Company's "Qualifying Transaction" as defined by Policy 2.4 of the TSX Venture Exchange.

The Board of Directors has decided that it would be in the best interest of the shareholders of the Company to permit a delisting of the Common Shares from the TSXV and permit a cancellation of all of the seed shares of the Company that were purchased by the directors. The Board of Directors has further decided that after payment of any liabilities of the Company or establishing a reserve for such liabilities, all of the remaining cash in the Company will be returned to its shareholders in the form of a dividend or as advised by its tax advisors. The Company will issue a press release within 30 days in which it will announce the calculation and expected payment date of the distribution.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Contact Information

  • Sparcap One Ltd.
    Michael Smyth
    Director
    (416) 367-3333

    Sparcap One Ltd.
    Kelly Ehler
    Director
    (905) 946-8444