South Pacific Metals Announces Closing of C$9.2 Million Marketed Equity Offering

Executive Summary

• South Pacific Metals Corp. closed its best‑efforts private placement, raising C$9,199,494 in gross proceeds.
• The offering consisted of 17,036,100 units at C$0.54 per unit, each unit containing one common share and half a warrant to purchase an additional share at C$0.90 for 24 months.
• Net proceeds will be used to expand exploration activities across the company’s PNG gold‑copper projects and for general corporate purposes.

Key Details

• Units issued: 17,036,100 (including full exercise of a 15 % option for an additional 2,222,100 units).
• Pricing: C$0.54 per unit; each warrant exercisable at C$0.90 per common share.
• Gross proceeds: C$9,199,494.
• Lead agent/bookrunner: BMO Capital Markets; syndicate included Paradigm Capital Inc. and Velocity Trade Capital Ltd.
• Related‑party portion: 378,000 units (C$204,120) issued to related parties under MI 61‑101 exemption; transaction valued at ≤25 % of market cap, thus exempt from formal valuation/minority approval.
• Agent commission: $491,969.65 cash paid to agents pursuant to the agency agreement dated December 8, 2025.
• Use of proceeds: Primarily to fund expanded exploration programs on Anga, Osena, Kili Teke, and May River projects; remainder for general corporate purposes.
• Warrant terms: One‑half warrant per unit; each warrant allows purchase of one common share at C$0.90 within 24 months after closing.
• Regulatory notes: Units issued under the Listed Issuer Financing Exemption (NI 45‑106); subject to customary conditions including TSXV final approval. No resale restrictions except for units held by certain officers/directors subject to a TSXV hold period.

Notable Quotes

(No direct quotes were provided in the release.)