BRIEF-Sparton resources restructuring of financing agreement for vanadium flow battery manufacturer

Tue Sep 27, 2016 11:38am EDT
 
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Sept 27 (Reuters) - Sparton Resources Inc :

* Restructuring of financing agreement for vanadium flow battery manufacturer, special shareholder meeting: November 3, 2016

* Says previously announced transaction to acquire JD Holding Inc. has been restructured

* Says private investment corporation will directly fund acquisition of shares of JDH for US$3.3 million

* Private investment corporation to assume full managerial, administrative responsibility for JDH and units' battery manufacturing, marketing operations

* Share acquisition and subscription agreement announced on August 12, 2016 has been terminated

* Says new share acquisition agreement between a private investment corporation and Vanspar Mining Inc, co's unit

* Private investment corporation will also pay VMI sum of USD$605,000 in addition to VMI retaining its 18% interest in JDH

* JDH transaction and funding transaction are expected to be closed by mid-November, 2016 Source text for Eikon: Further company coverage: