Ashanti Capital is pleased to have acted as Joint Lead Manager to raise A$25m for Spartan Resources Ltd (ASX: SPR).

The targeted institutional placement was well supported by leading domestic and international mining funds. Spartan is now well-funded with pro-forma cash position of approximately A$53m on completion of the placement.

Placement proceeds will be used to underpin an expanded exploration program at Dalgaranga in 2024.

The A$0.40 placement price was a ~3% premium to the last closing price prior to launching the placement.

Congratulations to Simon Lawson, Tejal Magan and the Spartan Resources team on a successful raising.