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Sparton
Resources Inc. (TSX VENTURE: SRI) (the "Company")
reported today that pursuant to the Amending Agreement with
Vendors Crescent Valley Minerals Inc., Aquarian Mining Exploration
Inc. and William Fyvie Holdings Ltd. ('WFHL'), regarding
the original assignment agreement for the lease of the SBD
claims in the Battle Mountain area of Nevada, the Company
has elected to pay the 2008 Advance Royalty Payment of USD$75,000
in Sparton common shares. (See
Sparton News Release dated June 7, 2007.)
The payment of US$75,000 to the Vendors, will be made by
issuing 366,312 common shares of the Company equal in value
to the Advance Royalty Payment. The number of shares is calculated
by the value of the cash amount of US$75,000, divided by
the weighted average trading price of the Company's common
shares listed on the TSX Venture Exchange for the period
of five trading days ending on the due date of such Advance
Royalty Payment, being March 17, 2008, (Cdn$0.2046 per share)
and divided by the US$ - Cdn$ exchange rate as at closing
price on March 17, 2008 (US$1.00 equals Cdn$0.9993). Issuance
of the shares in satisfaction of the advance royalty payment
is subject to regulatory approval.
Sparton's international exploration and evaluation programs
are being carried out under the direct supervision of A.
Lee Barker, P. Eng., P Geol., the Company's President and
CEO who is a Qualified Person under National Instrument 43-101. |
