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Early Warning Press Release Regarding Acquisition of Common Shares in Spartan Metals
Thenewswire· 2026-02-24 22:00
Company Overview - Spartan Metals Corp. is focused on developing critical minerals projects in stable mining jurisdictions in the Western United States, emphasizing a portfolio of strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic [4]. Recent Acquisition - Burton Egger, a director of Spartan Metals, acquired 1,400,000 common shares through the exercise of purchase warrants at a price of $0.075 per share [1]. - Prior to the acquisition, Mr. Egger owned 7,222,341 common shares, 1,604,166 warrants, and 50,000 restricted share units, representing approximately 18.3% of the issued common shares on an undiluted basis and 21.56% on a partially diluted basis [2]. - After the acquisition, Mr. Egger's ownership increased to 8,622,341 common shares, 204,166 warrants, and 50,000 RSUs, representing approximately 21.7% of the issued common shares on an undiluted basis, while remaining at 21.56% on a partially diluted basis [2]. Investment Intent - The acquired shares were purchased for investment purposes, and depending on market conditions, the acquirer may acquire additional securities, exercise convertible securities, or dispose of existing securities [3]. Key Project - Spartan's flagship project is the Eagle Project in eastern Nevada, which includes one of the highest-grade historic tungsten resources in the USA, along with significant under-defined resources of rubidium, antimony, bismuth, indium, and precious and base metals [5].