/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./ CALGARY, Nov. 21, 2019 /CNW/ – Return Energy Inc. (“ Return ” or the “ Company “) (RTN: TSXV) is pleased to announce that it has entered into a definitive reorganization and investment agreement (the “ Agreement “) with Fotis Kalantzis and Richard F. McHardy (the “ Initial Investors “) which provides for: (i) a non-brokered private placement for gross proceeds of up to $25.0 million (the “ Private Placement “); and (ii) the appointment of a new management team (the “ New Management Team “) and new board of directors (the “ New Board “) of Return (collectively, the “ Transaction “). Completion of the Transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange (the “ TSXV “). Upon completion of the Transaction, the shareholders of Return will be asked to approve, at a special meeting called for such purpose: (i) a change of Return’s name to “Spartan Delta Corp.” (the “ Name Change “); and (ii) a consolidation of the common shares […]
