South Pacific Metals Corp. Launches Private Placement Financing

South Pacific Metals Corp. (SPMC) announced a non-brokered private placement financing aimed at raising up to C$1,500,000. The company plans to issue up to 3,750,000 units at a price of C$0.40 each. Each unit comprises a common share and one warrant, with the warrant exercisable at C$0.90 into a common share for up to two years post-offering. There are conditions for early expiry of warrants if share prices exceed C$1.40 for 30 consecutive days.

The funds raised will predominantly finance exploration activities in Papua New Guinea, with around C$685,000 allocated for this purpose. The remainder will cover administrative and general working capital needs. The offering, yet to receive approval from the TSX Venture Exchange (TSX-V), implies a substantial focus on expanding the company’s resource base and operational capabilities.