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Sparton
Resources Inc. (TSX VENTURE: SRI) (the "Company")
announced today that it has completed a non-brokered private
placement financing. The Company issued an aggregate of 4,100,000
units at a subscription price of $0.25 per unit, for aggregate
gross proceeds of $1,025,000. Each unit consists of one common
share and one Series F common share purchase warrant. Each
Series F Warrant entitles the holder to acquire one common
share of the Company until January 14, 2009 at a price of $0.38
per share, subject to the right of the Company to accelerate
the expiry date of the Warrants in the event that the common
shares of the Company trade above $0.50 per share for a period
of 20 consecutive trading days.
The
common shares and warrants comprising the units are subject
to a hold period that expires May 15, 2008.
Net
proceeds of the financing will be used for general corporate
purposes and for expenditures planned for the Company's international
portfolio of non conventional uranium extraction testing programs,
as well as its advanced precious metal exploration programs
in China, Mexico and the United States. |
