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South Pacific Metals Announces CA$15 Million Private Placement of Units

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South Pacific Metals (SPMC.V) said Wednesday after trade that it plans to raise CA$15 million through a private placement of units priced at CA$0.83 apiece.

Each unit is comprised of one share and one two-year warrant to buy a share at CA$1.40. The agents have also been granted an over-allotment option of up to an additional CA$5 million of units, a statement said.

Proceeds will be used to expand exploration activities and for general corporate purposes.

The offering is expected to close on Sept. 23.

South Pacific Metals shares closed down CA$0.02 at CA$0.90 on the TSX Venture Exchange.

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