South Pacific Metals Corp. Successfully Completes C$1.5 Million Private Placement

VANCOUVER, BC / ACCESSWIRE / April 18, 2024 / South Pacific Metals Corp. (TSXV:SPMC; FSE:6J00) announced the closure of a C$1.5 million private placement initially publicized on February 23, 2024. This strategic financial move resulted in the issuance of 7,500,000 common shares priced at C$0.20 each, adhering to a four-month hold period.

The funds raised are earmarked for exploration activities on the company’s properties in Papua New Guinea, amounting to roughly US$500,000, with the remainder allocated for general administrative expenses and working capital. Notably, no finder’s fees were paid in connection with this offering.

The participation of insiders, including CEO Adam Clode and directors from the company, highlights significant internal support as they collectively purchased 1,900,000 shares for C$380,000. This insider involvement qualifies the transaction as a "related party transaction" under Multilateral Instrument 61-101, though it meets all conditions for requisite exemptions.