Spartacus Metals raises $829,500 via private placement, adds two directors

Spartacus Metals Inc. (TSXV: SPAR) announced a non-brokered private placement of 7,900,000 units at $0.105 per unit, raising gross proceeds of $829,500, according to a company press release dated September 9, 2026.

Each unit consists of one common share and one share purchase warrant exercisable at $0.15 for three years from the date of issue. If all warrants are exercised, the company would receive an additional $1,185,000.

The company said proceeds will be used to complete the transfer of its Torp Lithium licence in Nunavut, settle outstanding professional and audit costs, engage a Qualified Person, conduct a data compilation across its properties, and cover general working capital expenses.

Conditional on closing of the placement and TSX Venture Exchange acceptance, Spartacus proposes to appoint Jason Bontempo and Marcus Harden to its board of directors. Kulwant Malhi has indicated his intention to resign from the board in connection with the changes, leaving the board with four members.

Bontempo is a chartered accountant and has served as chief executive officer of Gladiator Metals Corp. (TSXV: GLAD) since 2021. He has led financings for Gladiator totaling more than C$65 million, including a C$35 million institutional placement led by BlackRock that closed in July 2026.

Harden currently serves as president of Gladiator Metals Corp. and is a non-executive director of Many Peaks Minerals Ltd. (ASX: MPK). He previously held the role of principal geologist at First Quantum Minerals and has been involved in several gold projects that advanced to mining in China, Mali, Burkina Faso, and Australia.

Spartacus holds gold, copper, and lithium exploration assets in Ontario, the Northwest Territories, and Nunavut. The company said it is reviewing options to advance, joint venture, option, sell, or otherwise monetize individual assets within its portfolio, while also assessing potential new acquisitions. No agreements have been reached on any asset at this time.

You May Also Be Interested In

• Raymond James Starts Rocket Lab USA (RKLB) at Outperform
• FDA extends Exelixis zanzalintinib review by three months
• ONEOK Inc (OKE) PT Raised to $93 at TD Cowen