Spartacus Metals closes $831,000 private placement, adds two directors

Spartacus Metals Inc. (TSXV: SPAR) has closed a non-brokered private placement, issuing 7,914,283 units at $0.105 per unit for gross proceeds of approximately $831,000, according to a company statement.

Each unit consists of one common share and one warrant exercisable at $0.15 per share for three years from the date of issue. If all warrants are exercised, the company would receive an additional $1,187,142.

The company says proceeds will be used to transfer the Torp Lithium licence into its name and complete related registration in Nunavut, engage a Qualified Person, fund a data compilation program across its properties, and cover general working capital and administration costs.

Certain insiders, including Kal Malhi, Jason Bontempo, and Marcus Harden, participated in the placement, subscribing for an aggregate of 1,945,000 units for $204,225. The company relied on exemptions under Multilateral Instrument 61-101 for the related-party transaction. The offering remains subject to final acceptance by the TSX Venture Exchange.

Concurrent with the closing, Jason Bontempo and Marcus Harden were appointed to the board of directors. Bontempo is a chartered accountant with over 20 years of experience and currently serves as chief executive officer and director of Gladiator Metals Corp. (TSXV: GLAD). Harden is a geologist with over 20 years of exploration experience and serves as president of Gladiator Metals Corp. and as a non-executive director of Many Peaks Minerals Ltd. (ASX: MPK).

Kal Malhi resigned from the board in connection with the appointments. The board now comprises four directors: Rocco Tassone, Nancy Boufeas, Jason Bontempo, and Marcus Harden.

Spartacus Metals, formerly Dixie Gold Inc., holds gold, copper, and lithium exploration properties across Canada.

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