South Pacific Metals Upsizes Private Placement Offering to $6.3 Million

South Pacific Metals Corp. (SPMC) has announced an upsized private placement offering, increasing the target from $4 million to $6.3 million in response to strong investor interest. The company plans to issue up to 7,500,000 common shares at C$0.20 per share, with gross proceeds of up to C$1,500,000. The Offering is subject to the acceptance of the TSX Venture Exchange.

The proceeds from the Offering will be allocated as follows: approximately US$500,000 (approximately C$685,000) will be used to carry out exploration work on SPMC's properties in Papua New Guinea, while the remaining funds will be used for general administrative and working capital purposes.



The upsized offering comes on the heels of several strategic initiatives and positive developments for SPMC:

1. Expansion of the Osena Gold-Copper Project: SPMC recently announced the expansion of its Osena Gold-Copper Project by an additional 112 km², increasing the total land package to 738 km². This expansion is immediately south of K92 Mining, which operates the Kainantu Gold Mine, and may extend onto the new ELA. This strategic move has the potential to add significant value to the company's portfolio and attract investors.
2. Proximity to K92 Mining's Operations: The Osena Project is located adjacent to K92's tenements, which host the Kainantu Gold Mine. This proximity to an established mining operation can provide a sense of security for investors, as it indicates that the region is favorable for mining activities.
3. Historical Mineralization: The new ELA 2850 lies directly east of the Ontenu Cu-Au Prospect and west of the Mt. Victor gold district, which has a history of gold production. The presence of historical mineralization in the area suggests that there is potential for further discoveries.
4. K92 Mining's Economic Upswing: K92 Mining recently announced a significant economic upswing and an enhanced Kainantu Gold Mine Integrated Development Plan. This positive news from a neighboring company can create a spillover effect, attracting investors to other companies operating in the same region, such as South Pacific Metals.

The upsized offering will enable SPMC to fund its exploration work and general administrative expenses more effectively, positioning the company for future growth and success in the gold and copper mining sector. With a strong financial position and increased exploration activities, SPMC is better positioned to pursue new opportunities, expand its operations, and ultimately drive growth in its business.

In conclusion, South Pacific Metals' upsized private placement offering demonstrates the company's ability to capitalize on investor interest and strengthen its financial position. With a strategic focus on exploration and growth, SPMC is well-positioned to continue its success in the gold and copper mining sector.