05:25 PM EDT, 07/18/2024 (MT Newswires) -- Sparton Resources ( SPNRF ) on Thursday said it raised $0.32 million in a private placement of flow-through shares units.

The company said it placed 6.4 million of the Quebec flow-through share units in the financing, with each priced at $0.05.

The company will use the proceeds for exploration on the Quebec side of the Company's Pense-Montreuil Project which straddles the Ontario-Quebec border. Historical work has identified zinc-copper-nickel mineralization with minor cobalt values.

"The company now has sufficient funds to carry out the initial drilling of several of the targets identified by the airborne and ground surveys. The drilling, scheduled to begin in late August, is subject to successful permitting applications currently underway, and will be carried out using the Sparton's wholly owned subsidiary drilling company and its highly regarded and efficient drill team," Lee Barker, the company's president said in a statement.

Sparton shares closed unchanged at $0.03 on the TSX Venture Exchange.