- Sparton Resources (SRI) has closed the first tranche of a $500,000 private placement for gross proceeds of $88,000
- Under the first tranche, the company issued 1,100,000 FT units to accredited investors
- Sparton Resources is an exploration and development stage company
- Sparton Resources Inc. (SRI) opened trading at C$0.06
Sparton Resources (SRI) has closed the first tranche of a $500,000 private placement.
Under the first tranche, the company issued 1,100,000 FT units to a number of individual accredited investors (the “Investors”) for total proceeds of $88,000.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the warrant holder to purchase one additional common share at a price of $0.12 until December 30, 2024.
Finder’s fees of 7 per cent cash and 7 per cent in share purchase warrants may be payable to finders.
All securities issued are subject to a statutory hold period ending April 1, 2023. Approval of the transaction has been received from the TSX Venture Exchange.
Sparton Resources is an exploration and development stage company and has interests in exploration and evaluation properties in Canada and China.
Sparton Resources Inc. (SRI) opened trading at C$0.06.