ARETI Energy SPV, LLC Files Early Warning Report Regarding Settlement of Convertible Unsecured Promissory Note

MIAMI, Sept. 30, 2021 ARETI Energy SPV, LLC ("ARETI") provides the following early warning disclosure under applicable Canadian securities laws. Spartan Delta Corp. ("Spartan") promised to pay $50,000,000 (the "Principal Amount") to ARETI Energy S.A. ("AESA") pursuant to the terms of a convertible unsecured promissory note dated March 18, 2021 (the "Note"). The Note was assigned to ARETI. ARETI and Spartan agreed to settle the Note in advance of its scheduled maturity date (the "Early Conversion") for 5,882,353 common shares in the capital of Spartan (the "Spartan Shares") at an issue price of $8.50 per Spartan Share pursuant to the terms of a promissory note conversion agreement dated September 29, 2021 (the "Note Conversion Agreement").

In connection with the Early Conversion, ARETI acquired an aggregate of 5,882,353 Spartan Shares representing approximately 3.84% 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 Note Conversion Agreement was executed to settle the Note before its scheduled maturity. ARETI 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. ARETI may from time to time increase or decrease its security holdings through market transactions, private agreements or otherwise, subject in each case to applicable securities laws. 

The address of Spartan is Suite 500, 207 – 9^th Ave, Calgary, Alberta, Canada, T2P 1K3. The address of ARETI is 801 Brickell Ave, Suite 2500, 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 Nikolay Galanov at [phone] ext. 4051.

SOURCE ARETI Energy S.A.

Nikolay Galanov, [phone] ext. 4051