Spark Energy Announces Private Placement Securing $1.85 Million
Summary
Spark Energy Minerals (SPARF, Financial) has secured $1.69 million from Sorbie Bornholm LP through a private placement. Proceeds will fund exploration at the Arapaima Lithium Project in Brazil.Spark Energy Minerals Inc. (OTC: SPARF) announced a non-brokered private placement offering of up to 31,250,000 units priced at $0.072 per unit, aiming to raise aggregate gross proceeds of $2.25 million. Sorbie will also receive a corporate finance fee of $111,000 through the issuance of 1,541,667 units.The net proceeds from this offering are intended to fund further exploration of Spark Energys flagship Arapaima Lithium Project situated in Brazils Lithium Valley, along with covering general working capital requirements. The closing of the offering is anticipated around April 30, 2025, pending all necessary approvals, including those from the Canadian Securities Exchange.CEO Eugene Hodgson remarked that the strategic investment by Sorbie is a testament to confidence in Spark Energys long-term vision and growth potential. Sorbies Managing Director, Whitney Kofford, emphasized the importance of this partnership in supporting Spark Energys ambitions in the global battery metals market, particularly within the context of energy transitions.