Sparton Announces Private Placement of up to C$500,000
2022年12月1日 - 9:30PM
Sparton Resources Inc. (
TSXV-SRI)
(“
Sparton” or the “
Company”) is
pleased to announce a non-brokered private placement (the
“
Offering”) for gross proceeds of up to C$500,000
from the sale of up to 6,250,000 flow-through units of the Company
(each, a “
FT Unit”) at a price of C$0.08 per FT
Unit. Red Cloud Securities Inc. will be acting as a finder in
connection with the Offering.
Each FT Unit will consist of one common share of
the Company to be issued as a “flow-through share” within the
meaning of the Income Tax Act (Canada) (each, a “FT
Share”) and one half of one common share purchase warrant
(each whole warrant, a “Warrant”). Each Warrant
will entitle the holder thereof to purchase one common share of the
Company (each, a “Warrant Share”) at a price of
C$0.12 for a period of 24 months following the issue date.
The Company intends to use the proceeds of the
Offering for the exploration of the Company’s projects in Ontario
and elsewhere in Canada as necessary. The gross proceeds from the
issuance of the FT Shares will be used to incur resource
exploration expenses which will constitute “Canadian exploration
expenses” as defined in subsection 66.1(6) of the Income Tax Act
and "flow through mining expenditures" as defined in subsection
127(9) of the Income Tax Act (the “Qualifying
Expenditures”), which will be renounced with an effective
date no later than December 31, 2022 to the purchasers of the FT
Units in an aggregate amount not less than the gross proceeds
raised from the issue of the FT Shares. If the Qualifying
Expenditures are reduced by the Canada Revenue Agency, the Company
will indemnify each subscriber of FT Units for any additional taxes
payable by such subscriber as a result of the Company’s failure to
renounce the Qualifying Expenditures.
The closing of the Offering is subject to
receipt of all necessary regulatory approvals including the TSX
Venture Exchange. Finder’s fees will be payable in accordance with
the policies of the TSX Venture Exchange. The FT Shares, Warrant
Shares and any common shares of the Company that are issuable from
any finder’s warrants will be subject to a hold period ending on
the date that is four months plus one day following the issue date
in accordance with applicable securities laws.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S.
state securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor in any other jurisdiction.
For more information, contact:
A. Lee Barker, M.A.Sc., P.Eng.President &
CEOTel./Fax: 647-344-7734 or Mobile: 416-716-5762Email:
info@spartonres.caWebsite: www.spartonres.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Information set forth in this news release
involves forward-looking statements under applicable securities
laws. The forward-looking statements contained herein include, but
are not limited to, financings and transactions being pursued, and
all such forward-looking statements are expressly qualified in
their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date
hereof and the Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities legislation. Although
the Company believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct and,
accordingly, undue reliance should not be put on such
forward-looking statements. This news release does not constitute
an offer to sell or solicitation of an offer to buy any of the
securities described herein.
We Seek Safe Harbour
Sparton Resources (TSXV:SRI)
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