South Pacific Resources Limited (ASX:SPB) announced a private placement of 4,000,000 common shares at AUD 0.05 per share for gross proceeds of AUD 200,000 on September 30, 2015. The company will issue one unlisted option for every two shares. The options will be exercisable at AUD 0.05 per share until three years.

The transaction is subject to approval from the shareholders of the company.