Sparton Arranges $1.51 Million FinancingSparton Arranges $1.51 Million Financing; Strategic Investor Acquires Interest in China Vanadium Projects3/10/2011 10:41:40 AM - Market Wire
TORONTO, ONTARIO, Mar 10, 2011 (MARKETWIRE via COMTEX News Network) --
SpartonResources Inc. (TSX VENTURE: SRI) (the "Company"), announced today thatit has entered into an agreement ("the Agreement ") for the sale of an18.8% interest in VanSpar Mining Inc. ("Vanspar") for gross proceeds ofUSD$1,514,383.56.
VanSpar is a newly incorporated British VirginIsland ("BVI") subsidiary company that holds Sparton's various vanadiumproject rights and assets in People's Republic of China, including theGuojiaping and the Rentian Projects in Jiangxi Province, southern China.See Sparton news release dated December 2, 2010.
There arecurrently 32,250,000 shares of VanSpar issued, of which 93% are owned bythe Company through its 100% owned BVI subsidiary, SpartonInternational Holdings Inc. and the remaining 7 % by officers,directors, and employees of the Company and its subsidiaries.
SpartonInternational Holdings is selling 6,057,534 shares of its VanSparshares to Alpha Prime Investments Ltd. ("Alpha Prime"), at USD
.25 pershare.
The purchaser, Alpha Prime an arm's length, private BVI registered company, that is focussed on resource investments in Asia.