Return Energy Inc. (to be renamed Spartan Delta Corp.) upsizes previously announced private placement to $64.0 million

CALGARY, Alberta – Return Energy Inc. d.b.a. Spartan Delta Corp. (“Spartan” or the “Company“) (RTN: TSXV) is pleased to announce that, as a result of excess confirmed and committed institutional demand, it has increased its previously announced financing of subscription receipts (“Subscription Receipts“) detailed in its press release dated April 23, 2020, to 3,200,000,000 Subscription Receipts at a price of $0.02 per Subscription Receipt to now raise gross proceeds of $64.0 million (the “Private Placement“).  In all other respects, the terms of the Private Placement and use of proceeds will remain as previously disclosed in the April 23, 2020, press release.

Closing of the Private Placement is expected to occur on or about May 8, 2020.  The completion of the Private Placement is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV“).

National Bank Financial Inc., TD Securities Inc., Peters & Co. Limited and Eight Capital are acting as Financial Advisors to Spartan with respect to the Private Placement.

About Spartan

Return Energy Inc. d.b.a. Spartan Delta Corp. is a Calgary, Alberta based company engaged in oil and gas exploration and development. The Common Shares are currently listed on the TSXV under the trading symbol “RTN”.