Sparx Technology Inc. completed the acquisition of ECC Ventures 3 Corp. (TSXV:ECCT.P) from a group of shareholders in a reverse merger transaction.
On completion of the proposed acquisition, the ECC Ventures 3 Corp.'s Board of Directors and management team will be reconstituted to include four directors and management comprised of individuals from the current Sparx team, including Al Thorgeirson, President and Chief Executive Officer, Drew Craig, Director, Mark Binns, Director, Brian Brady, Director, Richard Hubbard, Director, Spencer Trentini, Chief Financial Officer and Corporate Secretary, Kevin Annison, Head of Global Sales and Jud Lewis-Mahon, Head of Product & User Experience. The Resulting Issuer's audit committee will be comprised of Brian Brady (Chair), Mark Binns and Richard Hubbard. Completion of the acquisition is subject to a number of conditions, including the TSX Venture Exchange acceptance, execution of definitive agreement, and completion of the forward split of ECC3's issued and outstanding common shares on the basis of 1.2 for one and completion of QT Financing. The transaction has been approved by the ECC3 Board. As of December 29, 2021, Sparx has completed non-brokered private placement financing and issued 10.2 million subscription receipts at a price of CAD 0.25 per subscription receipt for aggregate gross proceeds of CAD 2.5 million. As of January 14, 2022, Sparx Technology completed an additional non-brokered private placement financing conducted in connection with the transaction pursuant to which Sparx issued 420,000 subscription receipts at a price of CAD 0.25 per subscription receipt for aggregate gross proceeds of CAD 0.1 million. On March 14, 2022, ECC3 received conditional acceptance from the TSX Venture Exchange to close the acquisition. ECC3 and Sparx anticipate closing the transaction on or about March 23, 2022. Endeavor Trust Company acted as registrar and transfer agent to ECC3.
Sparx Technology Inc. completed the acquisition of ECC Ventures 3 Corp. (TSXV:ECCT.P) from a group of shareholders in a reverse merger transaction on March 23, 2022. Effective at the opening of the market on March 23, 2022, the shares the resulting issuer will commence trading on the TSX Venture Exchange under the symbol SPRX. Under the deal, ECC Ventures issued 1.56 million shares to Jane K. Milliken Binns as a finder in connection with the transaction.