Spartan Acquisition Corp. and Forbidden Distillery Inc. announced that Forbidden has completed its previously announced private placement (the 'Concurrent Financing' of subscription receipts (the 'Subscription Receipts') for total aggregate gross proceeds of approximately $3,600,000, including the repayment of a total of $607,594 in debt (the 'Securities forDebt'). Forbidden has issued an aggregate total of 12,000,000 Subscription Receipts at a purchase price (or, in the case of the Securities for Debt, a deemed purchase price) of $0.30 per Subscription Receipt for aggregate gross proceeds of $3,600,000 which includes the repayment of $607,954 in debt owing to a related party. Each Subscription Receipt entitles the holder thereof to receive, without payment of any additional consideration and without further action on the part of each subscriber, subject to adjustment, one unit of Forbidden (a "Unit") in accordance with the terms of a subscription receipt agreement entered into between Spartan, Forbidden and TSX Trust Company (the 'Subscription Receipt Agreement'), including the satisfaction or waiver of the escrow release conditions described in the Subscription Receipt Agreement.