Overview of Spartan Resources' recent announcement

Spartan Resources Limited (ASX: $SPR) has successfully completed the retail component of its 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer, raising approximately A$11m at the offer price of A$0.58 per new share. The total equity raising, including the institutional component and placement, amounted to approximately A$80m. The new shares issued under the Retail Entitlement Offer are expected to commence trading on Monday, 20 May 2024, and will rank equally with the company's existing fully paid ordinary shares.

Executive commentary on the completion of the equity raising

The completion of the Retail Entitlement Offer marks a significant milestone for Spartan Resources as it secures the necessary funds to support our growth initiatives and strategic plans. We are pleased with the outcome of the offer and the strong support shown by our shareholders. The successful completion of the equity raising reflects the confidence in our company's future prospects and the opportunities ahead. We remain committed to delivering value to our stakeholders and driving sustainable growth in line with our corporate strategy.

Summary of Spartan Resources' announcement and outlook

Spartan Resources' completion of the A$80m equity raising, including the Retail Entitlement Offer, demonstrates the company's ability to secure vital funding to support its growth plans and strategic objectives. The successful outcome of the offer reflects investor confidence in the company's future prospects and its commitment to delivering value. With the new shares expected to commence trading soon, Spartan Resources is well-positioned to execute its corporate strategy and pursue its ambitious goals, including the rapid pathway back into production at its Dalgaranga Gold Project and the development of its significant Never Never gold discovery. The company's focus on aggressive exploration programs and the development of new mine plans underscores its commitment to driving sustainable growth and delivering long-term value to its stakeholders.