Canaccord Genuity Acquisition Corp. Completes Qualifying Acquisition of Spark Power Corp.

Goodmans LLP represented Canaccord Genuity Acquisition Corp. (TSX: CGAC.UN, CGAC.WT) (CGAC), a special purpose acquisition corporation, in connection with its qualifying acquisition and merger with Spark Power Corp. (Spark Power). CGAC was renamed Spark Power Group Inc. (the Company). The qualifying acquisition had no redemptions.  

Spark Power provides electrical power services and solutions to North American industrial, commercial, institutional, renewable and agricultural customers, as well as utility markets including municipalities, universities, schools and hospitals. Spark Power also maintains and operates over 2,000 solar and wind energy assets. It has over 600 megawatts of renewable power under management and manages two of the largest renewable energy co-ops in Canada.

The Qualifying Acquisition was completed through the purchase of certain shares of Spark Power for cash, the exchange of all remaining shares of Spark Power for common shares of CGAC, and the exchange of certain warrants to acquire Spark shares for warrants to acquire common shares (each, a "warrant"). In addition, certain outstanding options to acquire Spark shares were exchanged for options to acquire common shares. 

Following closing, each of CGAC's class A restricted voting units separated into common shares and warrants, with the underlying class A restricted voting shares having automatically converted into common shares on a one-for-one basis immediately prior to such separation. Following closing, the Company had  44,920,316 common shares and 11,776,653 warrants outstanding.