Spark Energy Minerals Closes First Tranche of Financing

Rhea-AI Summary

Spark Energy Minerals Inc. closes the first tranche of financing, raising CDN $311,875 through a private placement. The company issued 4,158,335 units, each comprising one common share and one common share warrant. Insiders subscribed for 666,667 common shares. Proceeds will fund the Tristar Energy Corp. acquisition payment, exploration work, and general working capital.

Positive

• Spark Energy Minerals successfully closed the first tranche of financing, raising CDN $311,875 through a private placement.
• The company issued 4,158,335 units, with each unit consisting of one common share and one common share warrant.
• Insiders of the company subscribed for 666,667 common shares, showing confidence in the company's prospects.
• The company has been granted an extension by the Canadian Securities Exchange to complete its non-brokered financing for gross proceeds of up to $1,000,000.
• Proceeds from the private placement will be used to fund the Tristar Energy Corp. acquisition payment, exploration work, marketing and investor relations, and general working capital.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - April 22, 2024) - Spark Energy Minerals Inc. (CSE: EMIN) (OTC Pink: MTEHF) (FSE: 8PC) ("Spark" or the "Company"), announces the closing on April 22, 2024, of the first tranche of CDN $311,875 (4,158,335 Units) of its non-brokered private placement ("Private Placement") announced on March 6, 2024. Each unit consists of one common share and one common share warrant. Each warrant is exercisable at $0.12 and entitles the holder to subscribe for one additional common share for a period of 2 years from the date of closing. The Company has the option to accelerate the expiry date if the stock trades at $0.20 for a period of 10 trading days.

Securities issued on this closing are subject to a statutory hold period until August 23, 2024.

Insiders of the Company subscribed for an aggregate of 666,667 common shares of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.

The Company also announces that it has been granted an extension by the Canadian Securities Exchange to complete its non-brokered financing for gross proceeds of up to $1,000,000 on the terms set out in the news release of March 6, 2024. The extended date for final acceptance of the offering is May 3, 2024.

The Company intends to use the proceeds from the Private Placement to fund the Tristar Energy Corp. acquisition payment, perform exploration work, marketing and investor relations, and general working capital.

About Spark Energy Minerals Inc.

Spark Energy Minerals, Inc., is a Canadian company pursuing battery metals and mineral assets with newly acquired interests in Brazil. The Company has acquired assets in some of the world's most prolific mining jurisdictions in Brazil's growing lithium area that is gaining recognition as a world hot spot for lithium and rare earth mineral exploration.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR ADDITIONAL INFORMATION, SEE THE COMPANY'S WEBSITE AT

https://sparkenergyminerals.com
Email to info@sparkenergyminerals.com
Contact: Peter Wilson, CEO, Tel. +1-778-744-0742

Forward-Looking Statement Disclaimer

Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the RN Property, the Acquirors and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206507

FAQ

How much did Spark Energy Minerals raise in the first tranche of financing?

Spark Energy Minerals raised CDN $311,875 in the first tranche of financing through a private placement.

What do the units in the private placement consist of?

Each unit in the private placement consists of one common share and one common share warrant.

What will the proceeds from the private placement be used for?

The proceeds from the private placement will be used to fund the Tristar Energy Corp. acquisition payment, exploration work, marketing and investor relations, and general working capital.

Who subscribed for common shares in the private placement?

Insiders of the company subscribed for 666,667 common shares in the private placement.

What extension has the company been granted by the Canadian Securities Exchange?

The company has been granted an extension by the Canadian Securities Exchange to complete its non-brokered financing for gross proceeds of up to $1,000,000.