Spark Energy Minerals Announces Closing of Private Placement

Executive Summary

• Spark Energy Minerals Inc. closed its previously announced non‑brokered private placement, raising gross proceeds of $500,000 through the issuance of 10,000,000 units.
• The entire amount was taken up by a strategic investor, strengthening the shareholder base and supporting exploration activities at the Arapaima Project in Brazil.
• Net proceeds will fund near‑term drilling at Arapaima and provide general working capital.

Key Details

• Gross proceeds: $500,000.
• Units issued: 10,000,000 units, each consisting of one common share and one common share purchase warrant.
• Warrant terms: Exercise price $0.06 per share; exercisable for three years from the issue date.
• Investor participation: Full subscription by a single strategic investor.
• Use of proceeds: Primarily to finance mobilization and initial drilling costs at the Arapaima Project in Brazil; remainder allocated to general working capital.
• Hold period: All securities subject to a four‑month hold period under Canadian securities laws, plus any applicable restrictions in other jurisdictions.
• Regulatory notes: Securities not registered under U.S. securities law; cannot be offered or sold in the United States absent exemption.
• No finder's fees were payable in connection with the private placement.

Notable Quotes

(None provided in the release.)