| An SI Board Since April 1999 |
| Posts |
SubjectMarks |
Bans |
| 23 |
0 |
0
|
|
Sparta Capital Ltd SAY
Shares issued 7,891,836 1999-04-01 close $0.3
Monday Apr 5 1999
Mr. Ted Rousseau reports
The company has closed a private placement of 1,400,000 units at 18 cents for $280,000. Each unit consists of one share and one warrant to purchase one share for two years with an exercise price of 18 cents in the first 12 months and at 25 cents thereafter until expiry. The company intends to use the proceeds to finance general working capital and to consummate a transaction with Grocery Gateway Inc. as described in the company's news release in Stockwatch, Feb. 19, 1999.
The company has advanced $300,000 to Grocery Gateway and its solicitors for the purchase of four units of Grocery Gateway at a subscription price of $75,000 per unit. The consummation of the Grocery Gateway transaction is still subject to certain conditions which have not yet been satisfied. Each Grocery Gateway unit shall consist of 25,000 common shares, 25,000 Class A warrants, 50,000 Class B warrants and 50,000 Class C warrants. Assuming the maximum subscription is undertaken by Sparta, it will hold approximately 4 per cent of the issued and outstanding Grocery Gateway common shares based upon the number of Grocery Gateway common shares currently outstanding.
Each of the Class A warrants, Class B warrants and Class C warrants of Grocery Gateway are exercisable for one Grocery Gateway common share at $3.00 until the dates that are 12 months, 18 months and 24 months respectively from the closing of the purchase and sale of the Grocery Gateway units. Each Grocery Gateway warrant provides for an accelerated expiry date based on both certain performance benchmarks being obtained by Grocery Gateway and upon certain trading prices being obtained for the Sparta common shares.
Grocery Gateway is in the business of providing convenient, personalized, on-line grocery shopping services to consumers via the Internet. The system has been tested for the last six months in the Greater Toronto area, where consumers are able to use the Grocery Gateway website to purchase groceries from the local grocery chain, Longo's.
they are also planning on offering drug prescriptions-liquor, flowers etc. in the near future...bids are building. huge upside potential.
|
