SPRX - Sparx Receives Loans from Insiders
(TheNewswire)
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“ PrincipalAmount ”) from certain insiders of the Company.The Company intends to use the Loans for general corporate purposesand to address the working capital needs of the Company. The Loans areevidenced by promissory notes bearing interest at 12.5% per annum andare unsecured. The Principal Amount, together with interest thereon,is due on February 28, 2025, and the Company may prepay the PrincipalAmount and interest thereon, in whole or in part, at any time withoutpenalty.
The Loans constitutes a “related party transaction”within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”) and thepolicies of the TSX Venture Exchange, but are otherwise exempt fromthe formal valuation and minority approval requirements of MI 61-101.The Company was not in a position to file a material change reportmore than twenty-one days in advance of the completion of theLoans.
On behalf of the Board
Al Thorgeirson
CEO and President
For further information, pleasecontact:
Al Thorgeirson
CEO and President
(403) 471-3503
Investor relations
(778) 732-5055
ABOUT SPARX:
Sparx is an interactive media technology company whoseprincipal activities are providing media companies and sports teamswith technologies to engage audiences. The patented Sparx platformenables broadcasters, streamers, and video producers to engage viewersfor longer, generate new revenue opportunities, and createlean-forward experiences for audiences eager to join the action.Millions of users can connect to the Sparx platform and interactsimultaneously on their mobile phone, tablet, or computer anywhere inthe world, in real time.
For more information about Sparx,visit the Company’s website at www.sparxtechnology.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward-LookingStatements
Statements included in this newsrelease, including statements concerning the Company’s plans,intentions, and expectations, which are not historical in nature, areintended to be, and are hereby identified as, “forward?lookingstatements”. Forward-looking statements include, among othermatters, the anticipated use of the Loans. Forward?lookingstatements may be, but are not always, identified by words including“anticipates”, “believes”, “intends”, “estimates”,“expects” and similar expressions. The Company cautions readersthat forward?looking statements, including without limitation thoserelating to the Company’s future operations and business prospects,are subject to certain risks and uncertainties that could cause actualresults to differ materially from those indicated in theforward?looking statements. There can be no assurance that anyforward-looking statement will prove to be accurate or thatmanagement's assumptions underlying such statements, includingassumptions concerning the Company or future developments,circumstances or results will materialize. The forward-lookingstatements included in this news release are made as of the date ofthis news release and the Company does not undertake to update orrevise any forward-looking information included herein, except inaccordance with applicable securities laws.
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