Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) said it has closed the final tranche of its C$3.5 million private placement to fund exploration in British Columbia.
The second and final tranche raised a total of $184,040, which consisted of 50,000 flow-through units (FT Units) priced at $0.24 each and 819,237 non-flow-through units (NFT Units) priced at $0.21 each.
Overall, the private placement comprised 7,858,333 FT Units and 7,733,522 NFT Units, generating gross proceeds of $3,510,040.
Each FT Unit includes one flow-through common share and a half warrant, while each NFT Unit includes one common share and a half warrant. Warrants are exercisable at $0.25 for 24 months, subject to early expiry if the 10-day volume-weighted average price on the TSX Venture Exchange exceeds $0.30.
Proceeds from the FT Units will be directed towards exploration and development at the company's Spanish Mountain Gold project in British Columbia's Cariboo Gold Corridor. Funds from the NFT Units will be used for general working capital.
Additionally, Spanish Mountain Gold corrected an error in its May 31, 2024, news release, clarifying that each NFT Unit included only a half warrant instead of a full warrant.