SPARQ Systems Inc. announced that it has received CAD 500,000 unsecured loan on November 27, 2023. The transaction included participation from new lender 96347 Canada Inc. The loan bears a interest rate of 12% per annum and payable on earlier of the six month anniversary of the loan or on the date on which company completes equity and debt financing. The company also issued 1,000,000 common share purchase warrants.

Each warrant holder entitle to one common share in the capital of the company at price equal to grater of CAD 0.15 or the closing price of common share on the first date prior to expiry date. All warrants are subject to hold period of four month and expire one year from the date of their issuance. The transaction is subject to approval of TSX Venture Exchange.