Welcome To The Sparton Resources HUB On AGORACOM

Edit this title from the Fast Facts Section

Free
AGORACOM NEWS FLASH

BREAKING: Mota Ventures Acquires Over 20,000 Customers in March, Launches New Immune Support Product Line

  • Immune Support product line received exceptionally well by consumers
  • Total number of customers acquired by First Class CBD in March 2020 is 20,959, including 6,419 immune customers
  • Initial average spend of Cdn$218.40 per customer

Mota large

Hub On AGORACOM / Read Release

Message: SBD Gold Project, Nevada, Advance Royalty Payment Made in Shares

SBD Gold Project, Nevada, Advance Royalty Payment Made in Shares

posted on Apr 20, 2009 05:59AM
April 20, 2009
Sparton Resources Inc.: SBD Gold Project, Nevada, Advance Royalty Payment Made in Shares
TORONTO, ONTARIO--(Marketwire - April 20, 2009) - Sparton Resources Inc. (TSX VENTURE:SRI) (the "Company") reported today that pursuant to the Amending Agreement with Vendors Crescent Valley Minerals Inc., Aquarian Mining Exploration Inc., and William Fyvie Holdings Ltd. ("WFHL"), regarding the original assignment agreement for the lease of the SBD claims in the Battle Mountain area of Nevada, the Company has elected to pay the 2009 Advance Royalty Payment of USD$75,000 in Sparton common shares. (See Sparton News Release dated June 7th, 2007.)

The payment of US$75,000 to the Vendors, will be made by issuing 1,799,009 common shares of the Company equal in value to the Advance Royalty Payment cash amount determined by the closing price of Sparton's common shares listed on the TSX Venture Exchange on March 17th, 2009.

The number of shares is calculated by the value of the cash amount of US$75,000 divided by the Discounted Market Price (as defined under TSX Venture Exchange rules) of Sparton's common shares as of March 17th, 2009 (being Cdn$0.053 per share), and divided by the US$ - Cdn$ exchange rate as of March 17th, 2009 ( being US$1.00 = Cdn$1.27130). Issuance of the shares in satisfaction of the advance royalty payment is subject to regulatory approval.

The Company is planning additional exploration on this promising gold property later this year to follow up the positive drill results from 2007. (See company news release dated June 13, 2007).

Sparton's international exploration and evaluation programs are being carried out under the direct supervision of A. Lee Barker, P. Eng., P Geol., the Company's President and CEO who is a Qualified Person under National Instrument 43-101.
Share
New Message
Please login to post a reply