South Pacific Metals Corp. announces a private placement and convertible debentures replacement

South Pacific Metals Corp. (SPMC), based in Vancouver, has disclosed the launch of a non-brokered private placement of up to 7.5 million common shares at a price of $0.20 CAD per share, aiming to raise gross proceeds of up to $1.5 million CAD. This financing will primarily be used for the development of its properties in Papua New Guinea. Simultaneously, SPMC plans to replace $1.27 million CAD convertible debentures with new debentures, including a modification of the conversion price.

The shares issued under this financing will be subject to a four-month hold period. SPMC intends to reward its placement agents with cash commissions and/or warrants. Acceptance of the offer by the TSX Venture Exchange (TSX-V) is required for its completion. Regarding the convertible debentures, those maturing in 2023 will be replaced by 2024 notes with similar terms, except for an adjusted conversion price of $0.205 CAD. These new debentures will also be subject to a hold period.

SPMC, a key player in gold-copper exploration in the Asia-Pacific region, highlights the promising outlook of its projects in Papua New Guinea, supported by an experienced management team and strong local partnerships.