Spartacus Metals Inc. (TSXV: SPAR) raised C$829,500 through a non-brokered private placement of 7,900,000 units priced at C$0.105 each, the company said.
Each unit consists of one common share and one warrant exercisable at C$0.15 for three years, offering the potential for an additional C$1,185,000 in proceeds if all warrants are exercised. The securities are subject to a statutory four-month-and-one-day hold period from closing.
The company outlined its intended use of proceeds, including transferring the Torp Lithium licence into its name and completing related registration in Nunavut, settling accrued professional and filing costs, and engaging a qualified person under NI 43-101 standards.
Additional targets include assessing potential acquisitions, compiling data across its exploration properties, developing corporate materials, and supporting general working capital needs.
Board changes are proposed conditional on the offering closing and TSX Venture Exchange acceptance. Jason Bontempo and Marcus Harden are slated for appointment. Bontempo is chief executive officer and director of Gladiator Metals Corp. (TSXV: GLAD) and a chartered accountant with over two decades of resource financing experience. Harden, president of Gladiator Metals, formerly served as principal geologist at First Quantum Minerals.
Kulwant Malhi has indicated his intention to resign from the board following the appointments.
Spartacus Metals holds exploration assets in gold, copper, and lithium across Ontario, the Northwest Territories, and Nunavut. The company said it continues to review opportunities to advance, joint venture, option, or sell individual assets within its portfolio, though it cautioned that no agreement has been reached and no assurance exists that any transaction will be completed.
