Sparta Capital Says TSXV Reinstatement Review Is Complete and Shares Will Trade Again Soon

Sparta Capital Ltd. Said the TSX Venture Exchange has completed its review of the company's application to have its common shares reinstated to trading, and that the shares will be reinstated soon. The Toronto-based company, which trades under the symbol SAY, reported the status of the review in a corporate update published by TradingView. Sparta Capital operates environmental services through ERS International, a division of Re-ECO Tech Electronic Conversions Ltd., and health technology through Sparta Health Corporation's Doc-in-a-Box platform.

Sparta Capital's Financial Statement Corrections

Sparta Capital said a balance described as a current loan receivable owed by 1123747 B.C. Ltd. Rose from $80,907 on September 30, 2025, to $81,420 on December 31, 2025, and to $84,389 on March 31, 2026, because of G Suite subscription fees and legal fees paid on behalf of that company, net of a repayment of $583. The balance was settled in full on June 30, 2026, through the transfer of the Nano Sorter equipment to Re-ECO, with no cash received, and was reduced to $nil. The company said the $84,389 settlement should not have been presented as a cash inflow in its third-quarter interim statements and will instead be disclosed as a non-cash transaction in its audited annual consolidated financial statements for the fiscal year ending September 30, 2026, due on or before January 28, 2027.

Sparta Capital also corrected a negative balance of $(65,561) in marketing expense for the six months ended March 31, 2026, which it said resulted from the reversal of a commission accrual recorded at September 30, 2025. The company said it has separated commissions paid to sales-generating parties from fees paid to consultants and reclassified year-to-date commissions from consulting fees to marketing expense on June 30, 2026. Following its annual general meeting on May 21, 2026, the company constituted a new Audit Committee and implemented additional review procedures for expense coding, related-party identification and TSXV filing requirements.

Sparta Capital's Share Issuance and Debt Filings

Sparta Capital said it issued common shares before receiving, or without ultimately receiving, related funds in connection with a September 2017 convertible debenture financing, related receipts recorded in 2018, and a 2023 financing. Subscription receivables totaling $99,500 were outstanding after the 2023 private placement, of which $25,000 was collected on January 15, 2024, from ERS International, $30,000 was owed by then-Chief Financial Officer Alyn Patterson, and $24,500 was not received. The company said the remaining $74,500 was written off as uncollectible, and that all common shares issued in respect of the written-off receivables remain issued and outstanding.

The company clarified that a transaction announced on October 2, 2024, in the amount of $102,030 reflected the deemed value of shares issued in October 2024 and did not represent cash proceeds from a private placement. Sparta Capital said it submitted catch-up filings covering its 8% unsecured convertible debentures, the September 30, 2025, disposition of six non-operating subsidiaries for aggregate consideration of $5, and the February 3, 2025, disposition of 120,000 Re-ECO Class B Special Shares for cash consideration of $250,000. It also filed a shares-for-debt application covering $619,167 of indebtedness owed to seven creditors, to be settled through 30,958,350 common shares at a deemed price of $0.02 per share.

Dhampur Sugar and All for One Group Filings

Other regulatory disclosures this month include Dhampur Sugar Mills confirming the death of cost auditor Surendra Rai Kapur on October 22, 2026, and stating it will appoint a new cost auditor within prescribed timelines, as ScanX reported. VINCI Energies Deutschland Enterprise Solutions AcquiCo SE filed a voting rights notification with All for One Group SE holding 80.86% of voting rights, a threshold crossed on October 13, 2026, and published on October 15, 2026, according to FinanzNachrichten.de.

Sparta Capital's Financing and Listing Plans

Sparta Capital said it does not currently meet the Exchange's working capital criterion, reporting a working capital deficiency of $137,848 based on its unaudited condensed interim consolidated financial statements as of June 30, 2026. Following the resumption of trading, the company intends to pursue an equity financing at the corporate level, separate from ERS International, targeting gross proceeds of approximately $500,000 to $1.5 million. Sparta Capital said it has had preliminary discussions with prospective investors and received non-binding expressions of interest, but has entered into no definitive subscription agreements or other commitments. The company also intends to complete the proposed shares-for-debt transaction and to explore a restructuring, extension, refinancing or settlement of its $355,000 convertible debentures, subject to shareholder approval and Exchange acceptance.