On January 27, 2025, Spartan Delta Corp. announced a public offering of 22,252,000 common shares at $3.82 per share, generating gross proceeds of $85,002,640. The offering was led by National Bank Financial Inc. and included a syndicate of underwriters: BMO Nesbitt Burns Inc., TD Securities Inc., ATB Securities Inc., CIBC World Markets Inc., Cormark Securities Inc., Peters & Co. Limited, Scotia Capital Inc., Desjardins Securities Inc., Haywood Securities Inc., and Ventum Financial Corp. Spartan also granted the underwriters an over-allotment option to purchase up to 3,337,800 additional shares. If fully exercised, the gross proceeds could reach $97,753,036. Net proceeds from the base offering, after deducting underwriting fees of $3,172,105.60 and estimated expenses of $500,000, are expected to be $81,330,534.40. Legal counsel for Spartan was Stikeman Elliott LLP, while Burnet, Duckworth & Palmer LLP represented the underwriters.

Proceeds will be used to temporarily repay amounts under Spartan’s $250 million credit facility, which will then be redrawn to support the company’s accelerated development program in the Duvernay region, aiming to grow production to 25,000 BOE/d. At the time of the announcement, the USD/CAD exchange rate was approximately 1.34, translating the gross proceeds to about US$63.4 million. The Toronto Stock Exchange has conditionally approved the listing of the offered shares under the symbol “SDE.”