TORONTO, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced today that it has closed, effective December 14, 2018, a private placement financing totalling $50,000 through the sale of 714,286 flow through shares to the same institutional accredited investor that recently took down a $100,000 placement.
Each Flow Through Common Share is priced at $0.07. The placement is non brokered and no finders fees or commissions are being paid.
Proceeds will be used for expenditures on the Company’s Canadian Exploration Programs including drilling activities on the Bruell Project in the Val D’Or East Quebec gold area.
Resale of the shares is subject to normal restrictions under TSX Venture Exchange Policy and the transaction is subject to final regulatory approval.
Drilling is underway at Bruell where six drill holes are planned, totalling approximately 1,000 metres to follow up on the gold mineralization located in last season's program. These will test the extensions at depth and laterally of the known zones and the new shear zone mineralization found in the final hole (SP 18-03) drilled last April. See Sparton News Release dated May 28, 2018 for details. The current program will involve vertical and lateral step out holes located 50 and 100 metres from hole SP 18-03. A map is posted on Sparton website www.spartonres.ca showing the new proposed drill hole locations.
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.
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.
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