Sparton Resources Inc. announced that it has entered into a non-brokered private placement of 6,250,000 flow-through units at a price of CAD 0.08 per share for gross proceeds of CAD 500,000 on December 1, 2022. Each unit will consist of one flow-through common share, and one half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at a price of CAD 0.12 for a period of 24 months following the issue date.

Red Cloud Securities Inc. acted as finder to the company in the transaction. The closing of the offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. Finder's fees will be payable in accordance with the policies of the TSX Venture Exchange.

The flow-through shares, warrant shares and any common shares of the company that are issuable from any finder's warrants will be subject to a hold period ending on the date that is four months plus one day following the issue date in accordance with applicable securities laws.