OAKVILLE, ON / ACCESSWIRE / March 11, 2021 / Spark Power Group Inc. ("Spark Power" or the "Company") (TSX:SPG) today announced the mutual termination of the underwriting agreement dated February 24, 2021 and the bought deal offering of convertible debentures contemplated therein by Spark Power and the syndicate of underwriters party thereto.
Obstacles in meeting the timing requirements under the underwriting agreement as a result of the necessary restatement of its financial statements contributed to the decision not to move forward with the pending financing. No breakup fees or other amounts are owed by either party as a result of the termination of the underwriting agreement.
"Given the challenges in consummating this deal, the Company and the underwriters felt it was prudent to terminate the offering at this time," says Jason Sparaga, Executive Chairman of Spark Power.
About Spark Power
Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX:SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
Investor and Regulatory Inquiries
Dan Ardila, Executive Vice President & Chief Financial Officer
[email protected]
+1 (905) 829-3336 x127
Media Inquiries
Kim Samlall, Director, Marketing Communications
[email protected]
+1 (905) 829-3336 x185
SOURCE: Spark Power Group Inc.