SPARQ Systems Inc announced a brokered private placement of 12,500,000 common shares at a price of CAD 0.40 per Common Share for aggregate gross proceeds of up to CAD 5,000,000 on May 6, 2024. The Company has engaged Pollitt & Co. Inc. to offer the Common Shares for sale on a best efforts agency basis.

The transaction is Subject to the approval of the TSX Venture Exchange, the Offering is expected to close on or about May 17, 2024. The securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The transaction is expected to occur in one or more tranches.