ARETI ENERGY SPV, LLC FILES EARLY WARNING REPORT REGARDING SALE OF COMMON SHARES OF SPARTAN DELTA CORP.

GENEVA, March 28, 2022 /CNW/ - ARETI Energy SPV, LLC ("ARETI") provides the following early warning disclosure under applicable Canadian securities laws in connection with the sale by ARETI of common shares (the "Spartan Shares") in the capital of Spartan Delta Corp. ("Spartan").

ARETI has entered into binding agreements with certain third party purchasers to sell an aggregate of 15 million Spartan Shares in a privately negotiated sale transaction (the "Share Sale"). ARETI sold an aggregate of 5 million Spartan Shares on March 25, 2022. ARETI also agreed to sell an additional 10 million Spartan Shares to the same third party purchasers. The sale of the additional 10 million Spartan Shares is expected to close within the next 5 business days.  

The Spartan Shares to be disposed in the Share Sale represent approximately 9.8% of the total number of Spartan Shares that ARETI understands to be issued and outstanding on a non-diluted basis as of the date hereof. ARETI will receive total cash consideration of $121.5 million from the Share Sale ($8.10 per Spartan Share).

Following the Share Sale, ARETI will own 12,856,129 Spartan Shares. The Spartan Shares owned by ARETI following the Share Sale represent approximately 8.4% of the total number of Spartan Shares that ARETI understands to be issued and outstanding on a non-diluted basis as of the date hereof.

The purpose of the Share Sale is to generate immediate liquidity and reduce ARETI's overall economic exposure to Spartan. Subject to applicable law, ARETI and its affiliates may from time to time acquire additional securities of Spartan or dispose of Spartan Shares or may enter into derivative or other transactions with respect to such securities.

The address of Spartan is Suite 1500, 308-4^th Avenue S.W., Calgary, Alberta, Canada, T2P 0H7. The address of ARETI is 801 Brickell Avenue, Suite 2550, Miami, Florida, USA, 33131-4916.

This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Spartan is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will be available under Spartan's profile at www.sedar.com or may be obtained by contacting Elden LeGaux at [phone].

SOURCE ARETI Energy S.A.