Spartan Resources

Successful Completion of Placement & Institutional Entitlement Offer as Part of A$80M Equity Raising

Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to announce that the Company has successfully completed an institutional placement (Placement) and the institutional component of a 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer (Institutional Entitlement Offer, together with the Placement the Institutional Offer) of new fully paid ordinary shares in Spartan (New Shares).


Highlights

  • Strong demand received from both eligible existing and new institutional investors in Australia and internationally for Spartan’s A$80m equity raising (Equity Raising) comprising a:
    • A$69m Placement and Institutional Entitlement Offer (Institutional Offer) completed; and
    • A$11m fully underwritten Retail Entitlement Offer to existing, eligible retail shareholders opens on Friday, 26 April 2024, and is expected to close at 7.00pm (Sydney time) Friday, 10 May 2024.
  • Proceeds from the Equity Raising will be used to underpin a significantly expanded exploration campaign at the Dalgaranga Gold Project in 2024/25, including:
    • The development of an underground exploration decline, which is scheduled to commence in the second half of 2024;
    • An extensive 65,000m drill program targeting Never Never, Pepper and the broader Gilbey’s Complex including “look-alike” targets (Sly Fox, Four Pillars, West Wings); and
    • Site infrastructure early works, general working capital, care and maintenance, tenement commitments and corporate and transaction costs.
  • Alongside, the Equity Raising, the Joint Lead Managers facilitated the sell-down of approximately 57 million Spartan shares (worth approximately A$33 million) representing the full amount of shares that were previously held by NRW Holdings Limited (NRW Selldown):
    • The NRW Selldown shares were placed to institutional investors and will settle with the Institutional Offer.
  • Spartan is well-funded with a pro-forma cash position of A$110 million on completion of the Equity Raising1.

Spartan Managing Director and Chief Executive Officer, Simon Lawson, said:

“The outstanding response to this capital raise from leading domestic and international resource investors reflects the quality of the high-grade discoveries we have made at Dalgaranga over the past 18 months, the strength of the team we have put together, and the exciting growth pathway ahead of us.

“We are pleased to welcome a number of new institutional shareholders to the register as part of this capital raise and I would like to take this opportunity also to thank existing shareholders for their support.

“We also acknowledge the support of NRW Holdings through the Company’s restructure and recapitalisation.

“This raising puts Spartan in an exceptional position to deliver on the huge potential of the Never Never discovery and our other recent exploration successes at Dalgaranga, with a very strong balance sheet to unlock the full value of what we have already discovered and take this company to the next level as a mid-tier gold developer and ultimately producer.”


Click here for the full ASX Release

This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

SPR:AU
Spartan Resources

Spartan Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Spartan Resources

Spartan Resources


Keep reading...Show less
Piche Resources Executive Chairman John Simpson.

Piche Resources Poised to Supply North American, Western European Utilities, Exec Says

Speaking to the Investing News Network, Piche Resources Executive Chairman John Simpson stressed the need for diversity of supply from much more friendly jurisdictions to ensure security. Citing the company’s promising assets in Australia and Argentina, he said Piche will play an important role in the critical metals supply chain.

“We saw both China and Russia politicise or militarise their commodities … I think that's created an enormous awareness (for) the need for diversity of supply from much more friendly jurisdictions (and) ensuring security (of supply),” he said.

“Being a company that has critical metals and energy in locations like Australia and Argentina, if we can supply the quantities, the volume within the first quartile of costs, we will be a very attractive supplier to North American and Western European utilities.”

Keep reading...Show less

Signal Gold Announces Results From Annual General Meeting of Shareholders

Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that all resolutions proposed to shareholders at the annual general meeting held today were duly passed

All the nominees listed in the management information circular for the meeting were elected as directors of the Company. Detailed results of the vote for the election of directors are set out below.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Delta Options Band-Ore Gold Property and Further Expands Its Land Position in Thunder Bay, Ontario

Delta Options Band-Ore Gold Property and Further Expands Its Land Position in Thunder Bay, Ontario

Property Includes Historical Gold Resource

Delta Resources Limited (TSXV: DLTA) (OTC PINK: DTARF) (FSE: 6G01) ("Delta" or "The Company") is pleased announce that it has entered into an agreement with Golden Share Resources Corporation ("Golden Share") acquiring the exclusive rights to earn a 100% interest in the Band-Ore property (the "Property"). The Bandore property is located approximately two (2) kilometres west of the Delta-1 Property which in turn lies 50 kilometres west of Thunder Bay, Ontario. The Property hosts two historic high-grade gold resources that are not considered National Instrument 43-101 compliant1.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Plato Gold Reports on First Quarter Results

Plato Gold Reports on First Quarter Results

Plato Gold Corp. (TSX-V: PGC ) (OTCQB: NIOVF ) (Frankfurt: 4Y7 or WKN: A0M2QX ) (" Plato " or the " Company ") an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to report the three months financial results for fiscal 2024 and 2023, as summarized below:

Three Months Ended
(Unaudited)
March 31, March 31,
2024 2023
Income $ 513 $ 520
Net Loss and Comprehensive Loss $ 52,664 $ 48,905
Loss per common share - basic and diluted $ 0.00 $ 0.00
Weighted average number of common shares outstanding - basic and diluted 228,632,750 228,332,384

For full details, please visit us at www.platogold.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Spartan Resources

Spartan Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×