CALGARY, AB, September 29, 2021 / CNW / – Spartan Delta Corp. (“Spartan“or the”Society“) (TSX: SDE) announces that the $ 50.0 million Non-interest bearing unsecured convertible promissory note of the Company (the “Spartan note“) published on March 18, 2021 in connection with the acquisition of Inception Exploration Ltd. was converted today into 5,882,353 ordinary shares in the capital of the Company (the “”Ordinary actions“) at a conversion price of $ 8.50 per common share and the Spartan note was canceled.
Pursuant to an amending agreement between Spartan and the owner of the Spartan Note, the parties have agreed to the early conversion of the Spartan Note at a conversion price of $ 8.50 per common share.
Prior to the modification, the Spartan Note was convertible on or after March 18, 2023 for this number of ordinary shares calculated on the basis of the greater of the following amounts: (i) the volume-weighted average price of the ordinary shares for the 10 trading days immediately preceding the delivery by Spartan of a conversion notice to the bearer of the Spartan ticket; and (ii) $ 7.67 per common share.
ABOUT SPARTAN DELTA CORP.
Spartan is building a sustainable energy company with an ESG-driven culture centered on generating sustainable free cash flows through the responsible exploration and development of oil and gas. The Company has established a portfolio of high quality production and development opportunities in the deep basin and Montney. Spartan is focused on executing the Company’s organic drilling program, creating operational synergies in a manner that is respectful and responsible towards the environment and the communities in which it operates. The Company is well positioned to continue to pursue immediate production optimization, responsible future growth with organic drilling, opportunistic acquisitions and the delivery of Free Funds Flow. Further details are available in Spartan’s corporate presentation, available on its website at www.spartandeltacorp.com.
Spartan Delta Corp.
500, 207 – 9th avenue southwest
Calgary, Alberta T2P 1K3
This press release contains certain financial measures, as described below, which do not have standardized meanings prescribed by International Financial Reporting Standards (“IFRS“) or generally accepted accounting principles (“GAAPAs these non-GAAP financial measures are commonly used in the oil and gas industry, Spartan believes their inclusion is useful to investors. Readers are cautioned that these amounts may not be directly comparable to measures of others. companies where similar terminology Non-GAAP measures used in this release, represented by capitalized terms and defined below, are used by Spartan as key measures of financial performance and are not intended to represent company earnings. operations nor should be viewed as an alternative to cash provided by operating activities, profit or loss or other measures of financial performance calculated in accordance with IFRS.
Adjusted cash flow and free cash flow
“Adjusted cash flow“is calculated as funds from operations, adjusted to add transaction costs on acquisitions and to deduct lease payments in cash. Spartan believes adjusted cash flow is an appropriate measure to compare against debt net (surplus) because it reflects the net cash flow generated from current business operations and because Spartan does not include lease debt in its definition of net debt (surplus).
“Free cash flow“is calculated as Adjusted Cash Flow less total net capital expenditure, excluding acquisitions.
SOURCE Spartan Delta Corp.
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