Spartan Gold Ltd. (OTCPK:SPAG) announced a private placement of common shares, warrants, and secured convertible loan for $2,092,020 on September 5, 2012. As a part of the term sheet, new investor Tamimi Investments and Mining Co. will subscribe to 40,000,000 common shares at $0.05 per share for gross proceeds of $2,000,000.

The company will also issue 30,000,000 warrants issuable at $0.001 per warrant for gross proceeds of $30,000. Up to 14,936,040 warrants are to be subscribed for by Sphere Resources Inc for gross proceeds of $14,936.04 and the rest 15,063,960 warrants will be subscribed by Tamimi Investments and Mining Co. Each warrant is exercisable to purchase one common share at $0.10 per share for a term of 24 months.

Tamimi Investments and Mining Co. will also provide immediately secured convertible loan for gross proceeds of $62,020 convertible into 1,240,400 shares at $0.05 per share, once due diligence investigations are over. The company will pay $100,000 in cash, 2,500,000 common shares, and 2,500,000 warrants as facilitation fees to Tamimi Investments and Mining Co.

Upon completion of the transaction, Sphere Resources Inc expects that it will have a 30% diluted equity interest in the company assuming exercise of all its warrants.