Skip to main content

Sparton Resources Inc. Announces Private Placement Financing

Written by Customer Service on . Posted in Public Companies.

TORONTO, July 13, 2020 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV.SRI) (“Sparton” or the “Company“) announced today that it intends to enter into agreements for a private placement financing totalling up to $500,000 through the sale of up to a total of 8,333,333, Non-Flow Through Share Units, Flow Through Share Units and Quebec Flow Through Share Units, (“NFTSUs”, “FTSUs” and “QFTSUs” respectively), in aggregate, to accredited investors.
Each NFTSU is priced at $0.05 and each FTSU is priced at $0.06. QFTSUs are priced at $0.065 each. The Units consist of one common share of the Company and one-half common share purchase warrant.Two one-half common share purchase warrants and the sum of $0.10 paid to the Company will entitle FTSU and NFTSU warrant holders to purchase one additional common share for one year after Closing.For QFTSU warrant holders two one-half common share purchase warrants and the sum of $0.12 paid to the Company will entitle them to purchase one additional common share for one year from the Closing Date.The Closing Date of the financing is expected on or before July 29, 2020.Proceeds will be used for corporate and exploration expenditures on the Company’s Canadian Exploration Programs. These include 2000 metres of planned drilling activities on the Oakes Project in the Matachewan Gold Area of Ontario and monitoring activities on the Bruell Gold Project being operated by Eldorado Gold Corporation east of Val D’Or, Quebec.Resale of the shares is subject to normal restrictions under TSX Venture Exchange Policy and the transaction is subject to final regulatory approval.For more information contact:
A. Lee Barker, BA Sc., MA Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website:www.spartonres.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking StatementsInformation set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.We Seek Safe Harbour

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.