Spartan Delta Corp.

Entered an agreement with a syndicate of underwriters led by National Bank Financial Inc. and CIBC World Markets Inc. pursuant to which the underwriters have agreed to purchase for resale to the public, on a bought deal basis, about 29.7 million subscription receipts of Spartan at a price of $5.05 per subscription receipt. Underwriters also have an option to purchase up to an additional 15% of the subscription receipts issued under the financing at a price of $5.05 per subscription receipt to cover over allotments exercisable in whole or in part at any time until 30 days after the closing of the financing. Proceeds will be used to fund part of the cash portion of the purchase of privately held light-oil Montney producer Velvet Energy Ltd. National Bank Financial Inc. and CIBC World Markets Inc. are financial advisers. Stikeman Elliott LLP is providing legal counsel.

Completed Aug. 31, 2021.