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Spark Power Group launching up to C$6M rights offering

Spark Power Group Inc. announced a rights offering of up to C$6 million to repay part of its outstanding debt.

The company, which has 46,027,200 common shares issued and outstanding, said it would issue an additional 6.25 million shares if all rights issued under the offering are validly exercised.

Common shareholders of record as of the close of business Sept. 26 will receive one right for each common share held. Each right will entitle the holder to subscribe for 0.135789272 of a common share at a subscription price of 96 Canadian cents per whole common share.

The rights will trade on the Toronto Stock Exchange under the symbol SPG.RT from Sept. 25 until noon Toronto time Oct. 29. The rights will expire at 5 p.m. Toronto time Oct. 29, after which time unexercised rights will be void and of no value, the company said.

Spark Power Group is the parent company of Spark Power Corp.