VANCOUVER, British Columbia, June 03, 2026 (GLOBE NEWSWIRE) -- SPARC AI Inc. (the "Company") (CSE:SPAI) (FRANKFURT: 5OV0) is pleased to announce that it has completed the first tranche of its previously announced brokered private placement for gross proceeds of $4,340,002.25 (the "Offering"), consisting of the issuance of 1,021,177 units of the Company ("Units") at a price of $4.25 per Unit. The Offering was conducted on a commercially reasonable "best efforts" basis by A.G.P. Canada Investments ULC, acting as sole agent and sole bookrunner (the "Agent") for the Offering and A.G.P./Alliance Global Partners acting as sole U.S. placement agent for the Offering.
A second tranche closing for the private placement for the remaining amount of approximately $1,122,199.75, is expected to close tomorrow, and is from existing supporting shareholders and being done to accommodate subscribers settling directly with the Company.
Each Unit in the Offering consisted of one common share of the Company (each, a "Share") and one Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one additional Share (a "Warrant Share") at a price of $5.25 for a period of 60 months from the closing date of the Offering.
The Units were offered by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions ("NI 45-106"), as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Order"), in all the provinces of Canada except Quebec (the "Canadian Selling Jurisdictions"). Pursuant to NI 45-106 and the Order, the securities issued to purchasers resident in the Canadian Selling Jurisdictions under ...
