Spara Acquisition One Corp. completes private placement
OTTAWA,
Nov. 6, 2012 /CNW/ - Spara
Acquisition One Corp. (TSXV: SAO.P), today announced that it has
closed the previously announced private placement of 368,153 common
shares at a price of $0.10 per share
for gross proceeds of $36,815.30
through a non-brokered private placement.
The purpose of the private placement is to
increase Spara Acquisition One Corp's cash reserves as it looks
forward to finding a new qualifying transaction. The net proceeds
of the offering will be used to identify and evaluate assets or
business prospects with a view to the completion of a qualifying
transaction.
The securities issued under this private
placement are subject to restrictions on transfer, including a hold
period ending March 7, 2013.
The private placement remains subject to TSX Venture Exchange
approval. This news release does not constitute an offer to
sell or a solicitation of an offer to buy any securities.
About Spara Acquisition One Corp.
Spara Acquisition One Corp. is designated as a
Capital Pool Company by the TSX Venture Exchange. The company
has not commenced commercial operations and has no assets other
than cash. Any proposed qualifying transaction must be
approved by the TSX Venture Exchange and, in the case of a
non-arm's length qualifying transaction, must also receive majority
approval of the minority shareholders. Until the completion
of a qualifying transaction, the company will not carry on any
business other than the identification and evaluation of businesses
or assets with a view to completing a qualifying transaction.
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.
SOURCE Spara Acquisition One Corp.