Sparton Announces Closing of First Tranche of Private Placement Offering of C$500,000 for its Critical Metals Exploration Programs

Executive Summary

• Sparton Resources Inc. closed the first tranche of its non‑brokered private placement, raising C$210,000 from the issuance of 6 million Quebec Flow‑Through Share (QFTS) Units at C$0.035 per unit.
• Each QFTS Unit includes one common share and half a Share Purchase Warrant (SPW); the offering also provided 3 million full SPWs exercisable at C$0.08 for 12 months.
• Proceeds are earmarked for exploration of critical‑metals projects in Quebec and Ontario, specifically follow‑up prospecting and diamond drilling on the Pense‑Montreuil polymetallic project.

Key Details

• Units Issued: 6,000,000 QFTS Units @ C$0.035/unit → Gross proceeds: C$210,000.
• Warrant Structure: Each QFTS Unit includes ½ SPW; total of 3,000,000 full SPWs granted. Full SPWs allow purchase of one common share at C$0.08 for a 12‑month period from the issue date.
• Use of Proceeds: Funding exploration expenses (Canadian Exploration Expenses & Flow‑Through Mining Expenditures) on critical‑metals projects in Quebec and the Pense‑Montreuil project straddling Ontario–Quebec. Activities include airborne survey target follow‑up and diamond core drilling.
• Tax Renunciation Commitment: Qualifying expenditures will be renounced by Dec 31 2025 for an amount not less than the gross proceeds; indemnification promised if CRA reduces qualifying amounts.
• Regulatory Approval: Closing received all required approvals from the TSX Venture Exchange.
• Finder’s Fees: Paid $14,700 cash plus 420,000 full broker warrants to third‑party finders.
• Holding Period: Securities subject to a hold period ending four months + one day after the March 8 2026 issue dates, per securities law requirements.
• U.S. Offering Restrictions: Securities not registered under U.S. law; cannot be offered or sold in the United States absent exemption.

Notable Quotes

(No CEO quotes were included in the release.)