SPARQ Systems Inc. Completes Its Qualifying Transaction With and Reverse Takeover of MJ Innovation Capital Corp.
SPARQ Systems Inc., a solar energy solutions company, completed its qualifying transaction with and reverse takeover of MJ Innovation Capital Corp. (TSXV:MSMJ.P) on December 31, 2021. In connection with the qualifying transaction, SPARQ completed a brokered private placement financing of 20 million subscription receipts for gross proceeds of $10 million. On execution of the reverse takeover, the subscription receipts were exchanged for common shares. The resulting issuer started trading on January 7, 2022 under the name of SPARQ Corp. and the symbol TSXV:SPRQ.Aird & Berlis acted for SPARQ Systems Inc. and MJ Innovation Capital Corp., a capital pool company, with a team that included Richard Kimel, Alicia McKeag, Russell Sanders, Sean Green, Francesco Gucciardo, Meredith McCann, Angela Oh and Portia Biswas.