South Pacific Metals Corp. Closes C$1.5 Million Private Placement Financing
South Pacific Metals Corp. Closes C$1.5 Million Private Placement Financing
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Vancouver, B.C. – April 18, 2024 – South Pacific Metals Corp. (TSX-V: SPMC; FSE: 6J00) (“SPMC” or the
“Company”) is pleased to announce that it has closed its previously announced private placement financing
of C$1,500,000 (the “Offering”), originally announced on February 23, 2024.
The Company has issued an aggregate of 7,500,000 common shares of the Company (the “ Shares”) at a
price of C$0.20 per Share to raise gross proceeds of C$1, 500,000. The Shares issued under the Offering
will be subject to a four month hold period.
The Company did not pay any finders fees under the Offering. The proceeds of the Offering will be used as
follows: (i) approximately US $500,000 (approximately C $685,000) to carry out exploration work on its
properties located in Papua New Guinea, and (ii) the balance on general administrative and working capital
purposes.
Multilateral Instrument 61-101 – Related Party Transaction
DCJL Consulting Ltd. (“ DCJL”) and Oceanside Strategies Inc. (“ Oceanside”) are all insiders of the
Company by virtue of David Loretto, a director controlling DCJL, and Dain Currie, a director controlling
Oceanside. DCJL and Oceanside participated in the Offering by purchasing 50,000 Shares, and 100,000
Shares, respectively, for an aggregate subscription price of C$10,000 and C$20,000, respectively. Geoffrey
Lawrence, a director SPMC, participated in the Offering by purchasing 325,000 Shares for a subscription
price of C$65,000. Michael Murphy, a director SPMC, participated in the Offering by purchasing 500,000
Shares for a subscription price of C$ 100,000. Adam Clode, CEO of SPMC, participated in the Offering by
purchasing 925,000 Shares for a subscription price of C$ 185,000. Accordingly, the Offering constitutes a
“related party transaction” for the Company within the meaning of Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions (“MI 61 -101”). The Company is exempt from the
requirements to obtain a formal valuation and minority shareholder approval under MI 61 -101 as the fair
market value of each of the insider’s participation in the Offering does not exceed more than 25% of the
market capitalization of the Company, as set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61 -101.
About South Pacific Metals Corp. (SPMC)
SPMC is an Asia -Pacific focused gold mining company with four highly prospective gold -copper projects,
Kili Teke, KRL South, KRL North and the May River Project. All projects are located in premier mining
regions in Papua New Guinea. Both KRL North and KRL South show potential to host high-grade epithermal
and porphyry mineralisation, as seen elsewhere in the high -grade Kainantu Gold District. The May River
project is near the world -renowned Frieda River Copper -Gold Project, with historical drilling indicating the
potential for significant copper-gold projects. Kili Teke is an advanced development project with an existing
inferred mineral resource. SPMC has a highly experienced board and management te am with a proven
track record of working together in the region; and an established in-country partner.
South Pacific Metals Corp.
Adam Clode, Interim Chief Executive Officer (Tel: +65 6920 2020)
Email: [email protected]
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for
the adequacy or accuracy of this release.
Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts are forward -looking statements that involve various risks and
uncertainty affecting the business of SPMC. In making the forward -looking statements, SPMC has applied certain assumptions that
are based on information available, including SPMC’s strategic plan for the near and mid-term. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking information. SPMC does not undertake to update
any forward-looking information, except in accordance with applicable securities laws.