Spartan Metals closes $2.25-million private placement

Executive Summary

• Spartan Metals Corp. closed its previously announced non‑brokered private placement, issuing 7.5 million units at $0.30 per unit for total gross proceeds of $2.25 million.
• Each unit includes one common share and half a non‑transferable warrant; warrants allow purchase of additional shares at $0.45 until March 25 2027.
• Proceeds will be used to advance the Eagle District project in Nevada and for general working capital.

Key Details

• Units Issued: 7,500,000 units @ $0.30 per unit → Gross proceeds: $2,250,000.
• Unit Composition: 1 common share + ½ non‑transferable share purchase warrant per unit.
• Warrant Terms: Right to buy one additional share at $0.45 per share; exercisable until March 25 2027.
• Insider Participation: Insiders purchased 893,332 units (≈11.9% of total units); transaction qualifies as a related‑party transaction under MI 61‑101 but met exemption thresholds (<25% FMV).
• Finder’s Fees: Cash fees paid totalling $49,809; additionally, 166,030 finder warrants issued on the same terms as above.
• Hold Period: All securities subject to statutory four‑month‑and‑one‑day hold period expiring January 26 2026.
• Use of Proceeds:
• Advance development of the Eagle District tungsten and critical minerals project in Nevada.
• General working capital needs.

Notable Quotes

(No direct quotes were provided in the release.)