SPARQ Completes Previously Announced Shares for Debt Settlement

Rhea-AI Summary

SPARQ Systems has finalized its shares for debt settlement process, issuing 1,775,639 common shares at $0.40 per share to settle $710,256 in outstanding unsecured loans. These shares are under a four month and one day hold period.

Positive

• The settlement of $710,256 in debt without cash outflow.
• Potential reduction in debt-related financial burdens.

Negative

• Shareholder dilution due to issuance of 1,775,639 new common shares.
• Statutory hold period may affect stock liquidity.

Toronto, Ontario--(Newsfile Corp. - June 10, 2024) - SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) ("SPARQ" or the "Company") is pleased to announce that, further to its press release on June 3, 2024, the Company has issued an aggregate of 1,775,639 common shares at a deemed issuance price of $0.40 per share to settle in full $710,256 owing to certain arm's length parties pursuant to outstanding unsecured loans. The common shares issued pursuant to the debt settlement are subject to a statutory four month and one day hold period.

ABOUT SPARQ

SPARQ designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. SPARQ has developed a proprietary PV solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings.

SPARQ's head office is located at 945 Princess Street, Kingston, Ontario, K7L 0E9.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

SPARQ Systems Inc.
Dr. Praveen Jain
Chief Executive Officer
Email: pjain@sparqsys.com
Tel: 343.477.1158

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212393

FAQ

What is the significance of SPARQ Systems' debt settlement announcement?

SPARQ Systems settled $710,256 in unsecured loans by issuing 1,775,639 common shares at $0.40 per share.

When was SPARQ Systems' debt settlement completed?

The debt settlement was completed on June 10, 2024.

How many shares did SPARQ Systems issue for the debt settlement?

SPARQ Systems issued 1,775,639 common shares.

At what price were the shares issued in SPARQ Systems' debt settlement?

The shares were issued at a price of $0.40 per share.

What is the ticker symbol for SPARQ Systems?

The ticker symbol for SPARQ Systems is SPRQF.

What is the hold period for the shares issued in SPARQ Systems' debt settlement?

The shares are subject to a statutory four month and one day hold period.