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Sparton Resources Inc.: Announces First Tranche of Private Placement Financing Closed

Press Release

TORONTO — Sparton Resources Inc. (TSXV.SRI) (“Sparton” or the “Company”) announced today that it has closed, effective December 30, 2022, the first tranche of a $500,000 private placement financing through the sale of 1,100,000 Flow Through Share Units (“the Units”) to a number of individual accredited investors (the “Investors”) for total proceeds of $88,000.

Please see Sparton news release dated December 1, 2022.

Each Unit consists of one common share of the Company priced at $0.08 and a one-half Share Purchase Warrant (“SPW”). Two SPWs will entitle the warrant holder to purchase one additional Sparton common share at a price of $0.12 until December 30, 2024.

The placement was non-brokered and commissions and finder’s fees of 7% cash and 7% in SPWs may be payable on a portion of the value of the total financing introduced by the finders. The finders’ SPW terms are the same as for the SPWs provided as part of the Units to the Investors.

Resale of the shares is subject to normal restrictions under TSX Venture Exchange Policy and the shares and SPWs may not be traded before April 1, 2023. Approval of the transaction has been received from the TSX Venture Exchange.

For more information contact:

A. Lee Barker, M.A Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: [email protected]

Frankfurt: WKN727532


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