South Pacific Metals Corp. Closes C$1.5 Million Private Placement Financing

Vancouver, BC - South Pacific Metals Corp. (TSXV:SPMC)(FSE:6J00) has concluded its private placement financing, securing C$1,500,000. Originally announced on April 29, 2024, the company issued 3,750,000 units at C$0.40 per unit.

Each unit comprises one common share and one purchase warrant, exercisable at C$0.90 per share up to 24 months post-closing. If the average trading price exceeds C$1.40 for 30 consecutive days, the company may accelerate the warrant expiry.

The funds will be allocated roughly C$685,000 for exploration in Papua New Guinea, with the remainder for administrative and capital needs. No finders fees were paid.

Notably, insider participants included Snowfields Wealth Management Limited, CEO Michael Murphy, and President Catherine Fitzgerald, subject to Multilateral Instrument 61-101 regulations.