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Sparton Resources Announces Private Placement Offering of up to C$800,000 For its Critical Metals Exploration Programs
TORONTO, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV-SRI) (“Sparton” or the “Company”) is pleased to announce non-brokered private placements
About this update from Sparton Resources Inc.
[{"type":"text","content":" TORONTO, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV-SRI) (“Sparton” or the “Company”) is pleased to announce non-brokered private placements (the “Offering”) for gross proceeds of up to C$800,000. Up to 13,000,000 Flow-Through Share (“FTS”) units of the Company (each, a “FTS Unit”) will be offered at a price of C$0.05 per FTS Unit for proceeds of up to C$650,000. Each FTS Unit will consist of one common share of the Company and a ½ (one half) non-flow through Share Purchase Warrant (“SPW”). Each full SPW will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.08 for a period of 24 months following the issue date. The Company will also offer up to 3,750,000 Non-Flow-Through (“NFTS”) share Units at a price of $0.04 per Non-Flow Through Share unit for proceeds of up to C$150,000. Each NFTS will consist of one common share of the Company and a ½ (one-half) SPW. Each full SPW will entitle the holder thereof to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.06 for a period of 24 months following the issue date. Each FTS will consist of one common share of the Company to be issued as a Critical Metals “flow-through share” within the meaning of the Income Tax Act (Canada). The Company intends to use the proceeds of the offering for the exploration of the Company’s Critical Metals projects in Ontario and Quebec. These include the Pense -Montreuil polymetallic metals project east of Englehart Ontario and straddling the Ontario- Quebec border where historic work has identified zinc-copper-nickel mineralization with minor cobalt values, and little work has been done for over 20 years. The Oakes gold and related copper mineralization project near Matachewan Ontario has over 5 untested drill targets in close proximity to the former producing Ryan Lake copper and molybdenum mine, and the current Young Davidson gold producer. Work will consist of airborne electromagnetic surveys, follow up ground truthing of anomalies and diamond core drilling. The Oakes project has a number of untested Induced Polarization zones outlined by the Company that have never been tested and some of these are related to rock units similar to those hosting the nearby copper and molybdenum mineralization. The gross proceeds from the issuance of the ...