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Sparton Resources: Company Subsidiary VanSpar to Maintain Minority Investment Interest in Vanadium Flow Battery Manufacturer
Jul. 24, 2017 08:23AM PST
Battery MetalsSparton Resources (TSX VENTURE:SRI) (“Sparton” or the “Company”) announced today that its 89.8% owned subsidiary VanSpar Mining Inc. has received a Financing Notice and Subscription Agreement from JD Holding (“JDH”) whereunder JDH will raise US $5 million through the sale of 38,759,690 Shares at a deemed value of USD$0.129 per share. JD Holding is the parent …
Sparton Resources (TSX VENTURE:SRI) (“Sparton” or the “Company”) announced today that its 89.8% owned subsidiary VanSpar Mining Inc. has received a Financing Notice and Subscription Agreement from JD Holding (“JDH”) whereunder JDH will raise US $5 million through the sale of 38,759,690 Shares at a deemed value of USD$0.129 per share.
JD Holding is the parent company owning 100% of PuNeng Energy, a PRC based manufacturer of advanced technology vanadium flow batteries.
VanSpar will initially subscribe to a total of 6,976,740 shares for a total investment of US $900,000, to be drawn down in monthly closings by JDH in a series of five equal tranches until the end of 2017.
Financing for VanSpar’s JDH share purchases has been arranged through a private investment organization with the initial closing purchase of 1,395,348 JDH shares finalized on July 19, 2017.
The investment funding will allow VanSpar to maintain its current 18% investment interest in JDH.
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.
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