Spark Energy closes first tranche of private placement
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VANCOUVER, BC / November 8, 2024 / Spark Energy Minerals Inc., ( "Spark" or the
"Company" (CSE: SPRK) (OTC: SPARF) (Frankfurt: 8PC) is pleased to announce it has closed
the first tranche of the private placement (the “Private Placement”) previously announced in
its press release dated November 1, 2024 (the “Initial Press Release”).
The Company has experienced a higher -than-expected market demand for its Private
Placement. As a result, it has decided to accept oversubscriptions beyond the initially
announced target of raising up to $150,000 in Units (as defined in the Initial Press Release). The
Company plans to continue its fundraising efforts after the closing of the first tranche of the
Private Placement, capitalizing on strong investor interest.
The Company accepted subscriptions for 1,043,333 units (each, a “Unit”) at a price of $0.15 per
Unit for aggregate gross proceeds of $156,500. $47,000 of the total represented debt
settlements by the Company of debt incurred under consulting and services agreements. Each
Unit is comprised of one common share in the capital of the Company (each, a “Share”) and
one warrant (each, a “Warrant”) to purchase an additional common share (each, a “Warrant”
and collectively with the Units, the Shares and the Warran ts, the “Securities”). Each Warrant
entitles the holder to acquire an additional Share at a price of $0. 30 for a period of up to two
years from the date of closing.
“These private placement proceeds, in addition to the previously announced $451,875 from
the recent exercise of common share purchase warrants and s tock options , enables the
company to expedite its exploration program at our Arapaima lithium project,” said Spark CEO
Eugene Hodgson,
The securities issued pursuant to the Private Placement are subject to a statutory hold period
until March 9, 2025. The Company did not pay any finder’s fees in connection with this tranche
of the Private Placement.
200,000 Units were subscribed for by an officer of the Company, representing 19.2% of the
Units issued on this closing. The Company has relied on the exemptions from the valuation
and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(a) of MI 61-101 in respect of such insider participation.
The Company intends to use the proceeds from the Private Placement to perform exploration
work on its properties, marketing and investor relations, and general working capital.
About Spark Energy Minerals Inc.
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Spark Energy Minerals, Inc., is a Canadian company pursuing battery metals and
mineral assets with newly acquired interests in Brazil. The Company has acquired assets in
some of the world's most prolific mining jurisdictions in Brazil's growing lithium areas that are
gaining recognition as a world hot spot for lithium and rare earth mineral exploration.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION, SEE THE COMPANY'S WEBSITE AT
https://sparkenergyminerals.com
Email to [email protected]
Contact: Eugene Hodgson, CEO, Tel. +1-778-744-0742
Forward-Looking Statement Disclaimer
Certain statements contained in this release may constitute "forward–looking
statements" or "forward-looking information" (collectively "forward-looking information") as
those terms are used in the Private Securities Litigation Reform Act of 1995 and similar
Canadian laws. These statements relate to future events or future performance. The use of any
of the words "could," "intend," "expect," "believe," "will," "projected," "estimated",
"anticipates" and similar expressions and statements relating to matters that are not historical
facts are intended to identify forward -looking information and are based on the Company's
current belief or assumptions as to the outcome and timing of such future events. Actual future
results may differ materially. In particular, this release contains forward -looking information
relating to the business of the Company, the Property, financing and certain corporate
changes. The forward -looking information contained in this release is made as of the date
hereof, and the Company is not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as required by
applicable securities laws.
Spark Energy Minerals News – 11-08-2024 |