Business
Spartan Metals Closes Private Placement of $2.25M
(TheNewswire) All dollars are Canadian unless otherwise noted Vancouver, Canada &#x...
About this update from Spartan Metals Corp.
[{"type":"text","content":"Spartan Metals Closes Private Placement of $2.25M\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n All dollars are\nCanadian unless otherwise noted\n \n\n\n\n Vancouver, Canada –\n \n\n TheNewswire -\n \n\n September 26, 2025\n \n – Spartan\nMetals Corp. (“Spartan” or the “Company”) (TSX-V: W\n \n ) is pleased to announce that in connection with its\npreviously announced non-brokered private placement (\n \n\n see news release of August 18, 2025)\n \n\n the Company has closed effective\n \n\n September 25, 2025\n \n\n the private placement and issued 7,500,000 units of the Company (the\n“\n \n\n Units\n \n\n ”) at a price of $0.30 per Unit for aggregate gross\nproceeds of $2,250,000 (the “\n \n\n Private Placement\n \n\n ”).\n \n\n\n Each Unit consists of one common share (a “\n \n Share\n \n ”) of the Company and\none-half of one non-transferable share purchase warrant (each a whole\nwarrant a “\n \n Warrant\n \n ”).\n Each Warrant entitles the holder to purchase one additional Share of\nthe Company at a price of $0.45 per share until March 25, 2027.\n \n\n The proceeds from the sale of the Private Placement will be used to\nfurther advance the Company’s Eagle District Project in Nevada\n(\n \n see news release of August 7,\n2024\n \n ) and for general working capital.\n \n\n\n All securities issued pursuant to the Financing are\nsubject to a statutory four month and one day hold period expiring on\nJanuary 26, 2026.\n \n\n\n\n Insiders of the Company participated in the Financing\nfor an aggregate amount of 893,332 Units. Such participation is\nconsidered a related party transaction under Multilateral Instrument\n61-101 – Protection of Minority Security Holders in Special\nTransactions (“\n \n\n MI\n61-101\n \n\n ”). In completing such transaction, the\nCompany relied on exemptions from the formal valuation and minority\nshareholders approval requirements provided under sections 5.5(a) and\n5.7(a) of MI 61-101 on the basis that the Insiders’ participation in\nthe Offering did not exceed 25% of the fair market value of the\nCompany’s market capitalization.\n \n\n\n\n In connection with the Private Placement and in\naccordance with the policies of the TSX Venture Exchange the Comp...