Core Viewpoint - South Pacific Metals Corp. has increased its non-brokered private placement offering from $4 million to $6.3 million due to heightened investor interest [1]. Group 1: Offering Details - The offering will consist of up to 13,125,000 units priced at C$0.48 per unit, aiming for gross proceeds of up to C$6,300,000 [1]. - Each unit includes one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.90 for 24 months [2]. - The offering is expected to close on or about January 29, 2025, pending necessary regulatory approvals [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for exploration work on the company's properties in Papua New Guinea, as well as for general administrative and working capital purposes [3]. Group 3: Company Overview - South Pacific Metals Corp. is an emerging gold-copper exploration company with a land package of 3,100 km² in Papua New Guinea, focusing on four key projects: Anga, Osena, Kili Teke, and May River [5]. - The Anga and Osena projects are located in the Kainantu Gold District, with potential for high-grade mineralization similar to that of K92 Mining [6]. - Kili Teke is an advanced exploration project with an existing inferred mineral resource, while May River is adjacent to the Frieda River copper-gold project, indicating significant untapped potential [6].
South Pacific Metals Upsizes its Previously Announced $4 Million Non-Brokered Private Placement Offering to $6.3 Million in Response to Investor Interest