Business
Spearmint Resources Closes Private Placement for $1 Million at .20 Including Certain Funds Managed by Sprott Asset Management LP
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company") is pleased t
About this update from Adelayde Exploration Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the \"Company\") is pleased to announce that the Company has closed its financing consisting of 5,000,000 units (\"Units\") for gross proceeds of $1,000,000. Each Unit consists of one common share of the Company (each, a \"Share\") to be issued as a \"flow-through share\", and one-half of one non-flow-through share purchase warrant (each, a \"Warrant\"). Each whole Warrant is exercisable into one Share that is not a \"flow-through share\" at an exercise price of $0.30 until May 12, 2023. A finder's fee of $60,000 has been paid in connection with the private placement. All the securities issued in connection with this private placement have a hold period that expires on September 13, 2021. Proceeds will be used toward the Company's work programs on its existing Canadian properties. James Nelson, President of Spearmint, stated, \"We are pleased to have closed this flow-through financing at a significant premium to the market, including an initial investment by certain funds managed by Sprott Asset Management LP (\"Sprott\"). Having Sprott participate in this financing is an endorsement to, and validates management's vision for the future of the Company. This round of financing enables Spearmint to be fully funded to aggressively pursue multiple work programs. Spearmint's primary use of the flow-through funds will be a planned drill program on our Perron-East Gold project in Quebec in the direct vicinity of Amex Exploration Inc. and Starr Peak Mining Ltd. These upcoming work programs are a compliment to the near-term catalysts expected from our flagship 'Clayton Valley Lithium Clay Project' in Nevada where Spearmint is anticipating to receive results from metallurgical testing shortly, followed by a Technical Report and potential maiden resource estimate completed by Stantec Consulting Ltd.. Spearmint is now fully funded for all planned work/drill programs in 2021 and management is optimistic about Spearmint's short and long-term growth potential now having approximately $3,500,000 in the treasury.\" Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on the Company's properties. Figure 1 None...