Sparx Receives Loans from Insiders
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Vancouver, BC - TheNewswire - March 01, 2023 - Sparx Technology Inc. (TSXV:SPRX) (OTC:STCXF) (“Sparx” or the “Company”) is pleased to announce that it has received loans (the “Loans”) in the aggregate principal amount of $400,000 (the “Principal Amount”) from certain insiders of the Company. The Company intends to use the Loans for general corporate purposes and to address the working capital needs of the Company. The Loans are evidenced by promissory notes bearing interest at 12.5% per annum and are unsecured. The Principal Amount, together with interest thereon, is due on February 28, 2025, and the Company may prepay the Principal Amount and interest thereon, in whole or in part, at any time without penalty.
The Loans constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and the policies of the TSX Venture Exchange, but are otherwise exempt from the formal valuation and minority approval requirements of MI 61-101. The Company was not in a position to file a material change report more than twenty-one days in advance of the completion of the Loans.
On behalf of the Board
Al Thorgeirson
CEO and President
For further information, please contact:
Al Thorgeirson
CEO and President
(403) 471-3503
Investor relations
(778) 732-5055
ABOUT SPARX:
Sparx is an interactive media technology company whose principal activities are providing media companies and sports teams with technologies to engage audiences. The patented Sparx platform enables broadcasters, streamers, and video producers to engage viewers for longer, generate new revenue opportunities, and create lean-forward experiences for audiences eager to join the action. Millions of users can connect to the Sparx platform and interact simultaneously on their mobile phone, tablet, or computer anywhere in the world, in real time.
For more information about Sparx, visit the Company’s website at www.sparxtechnology.com
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.
Forward-Looking Statements
Statements included in this news release, including statements concerning the Company’s plans, intentions, and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, the anticipated use of the Loans. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning the Company or future developments, circumstances or results will materialize. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.