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South Pacific Metals Upsizes its Previously Announced $4 Million Non-Brokered Private Placement Offering to $6.3 Million in Response to Investor Interest
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2025) - South Pacific Metals Corp. ...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"South Pacific Metals Upsizes its Previously Announced $4 Million Non-Brokered Private Placement Offering to $6.3 Million in Response to Investor InterestVancouver, British Columbia--(Newsfile Corp. - January 20, 2025) - South Pacific Metals Corp. (TSXV: SPMC) (FSE: 6J00) (\"SPMC\" or the \"Company\") is pleased to announce that further to its press release of December 11, 2024, the Company has increased the size of its previously announced non-brokered private placement offering (the \"Offering\"), due to increased investor interest, to up to 13,125,000 units of the Company (\"Units\") at a price of C$0.48 per Unit for gross proceeds of up to C$6,300,000 (the \"Offering\").Each Unit will consist of one (1) common share of the Company (\"Share\") and one-half (1/2) of one (1) Share purchase warrant, whereby each whole Share purchase warrant (\"Warrant\") will be exercisable at $0.90 into an additional Share for a period of 24 months from the date of issuance. If the volume weighted average trading price of the Shares on the TSX-V is equal to or greater than C$1.20 for a period of 10 consecutive days, the Company will have the right to accelerate the expiry date of the Warrants by providing notice that the Warrants will expire on the date that is not less than 10 days from the date such notice is provided by the Company to the warrant holders.All securities to be issued in connection with the Offering will be subject to a four-month hold period in accordance with applicable securities legislation. Finder's fees may be applicable and the net proceeds of the Offering will be used to carry out exploration work on the Company's properties in Papua New Guinea and for general administrative and working capital purposes. The Offering is expected to close on or about January 29, 2025 (the \"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange (\"TSXV\").The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicabl...