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Sparton Resources Inc V.SRI

Alternate Symbol(s):  SPNRF

Sparton Resources Inc. is a Canada-based mineral exploration company. The Company is focused on exploring gold projects near producing mines on or near the major gold producing trends in northeastern Ontario and northern Quebec, where it holds interests in three exploration prospects. The Bruell Property, which hosts a new gold discovery. The Oakes and Pense Properties, near Matachewan and Englehart, in Ontario, are in close proximity to Alamos Gold’s producing Young Davidson Mine and the Kirkland Lake gold producing area. The Bruell Property is located in Vauquelin Township, Quebec. The Oakes Gold Property is located in the Matachewan gold mining area of northern Ontario. The Company controls about 32 mining claims and three mining leases in the Matachewan Gold Area. The Pense Property is located in Pense Township, Ontario. The claims are located near the Quebec provincial border, approximately 25 kilometers east of Englehart, Ontario, in the Larder Lake Mining Division.


TSXV:SRI - Post by User

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Post by CatamaranFundon Jul 23, 2020 10:20am
127 Views
Post# 31307100

Sparton Resources Inc. Announces Private Placement Financing

Sparton Resources Inc. Announces Private Placement Financing

Sparton Resources Inc. Announces Private Placement Financing

GlobeNewswire

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.ca


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