Sparton Announces Closing of First Tranche of Private Placement Offering of C$500,000 for its Critical Metals Exploration Programs

Core Viewpoint - Sparton Resources Inc. has successfully closed the first tranche of a non-brokered private placement, raising gross proceeds of C$210,000 to fund exploration projects in Quebec [1][4]. Group 1: Offering Details - The company issued 6,000,000 Quebec Flow-Through Share (QFTS) Units at a price of C$0.035 per unit, resulting in total proceeds of C$210,000 [2]. - Each QFTS Unit consists of one common share and one-half of a non-flow-through Share Purchase Warrant (SPW), totaling 3,000,000 full SPWs [2]. - Each full SPW allows the holder to purchase one common share at a price of C$0.08 for a period of 12 months following the issue date [2]. Group 2: Use of Proceeds - Proceeds from the offering will be allocated to the exploration of Critical Metals projects in Quebec, particularly the Pense-Montreuil polymetallic metals project [4]. - Historical work at the project site has identified mineralization of zinc, copper, and nickel, with minimal exploration conducted in over 20 years [4]. - Planned activities include follow-up prospecting of airborne survey targets and diamond core drilling [4]. Group 3: Regulatory and Compliance - The closing of the offering has received necessary regulatory approvals, including from the TSX Venture Exchange [6]. - Finders fees totaling C$14,700 in cash and 420,000 full broker warrants have been paid to third-party finders [6]. - The securities offered are not registered under the U.S. Securities Act and cannot be sold in the United States without proper registration or exemption [8].