The closing will affect eight full-time and two part time employees.
Bill Chapman, chairman of Portico's management team, said the lagging economy and troubled newspaper industry were not to blame.
"In our case, the problem seemed to be particular to the local Augusta economy," he said. "We have two other papers, one in Columbia and one in Charlottesville, which are doing fine."
Metro Spirit is a weekly publication founded in 1989, Chapman said. Portico Publications acquired the paper in 2006.