SPC Nickel Upsizes and Amends Private Placement
SPC Nickel Upsizes and Amends Private
Placement
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S./
SUDBURY, ON
,
May 16, 2024
/CNW/ - SPC Nickel Corp. (TSXV: SPC) ("
SPC Nickel
" or
the "
Company
") is pleased to announce an upsize of its previously announced non-brokered private
placement (the "
Offering
") of common share units ("
Common Share Units
") and flow
through
common shares ("
FT Shares
"). The Company has increased the aggregate gross proceeds of the
Offering from
$1,500,000
to
$2,015,000
. The Company has also amended the issue price of the FT
Shares from
$0.06
to
$0.055
per FT Share.
The Company anticipates issuing 30,740,000 Common Share Units and 8,681,818 FT Shares
pursuant to the Offering.
Each Common Share Unit shall consist of one common share and one half of a purchase warrant of
the Company (each whole warrant a "
Warrant"
) to acquire one common share at an exercise price
of
$0.07
per share exercisable for a period of 18 months from the Closing Date.
The Company may pay to eligible finders assisting in the Offering (i) a cash commission equal to 6%
of the gross proceeds raised by such finders; and (ii) such number of compensation warrants
("
Compensation Warrants
") as is equal to 6% of the total number of Common Share Units and/or
FT Shares sold by such finders. Each Compensation Warrant shall be exercisable to acquire one
Common Share at an exercise price of
$0.07
per Common Share for a period of 18 months following
the date of issuance.
The gross proceeds from the FT Shares issued in connection with the Offering will be used to
advance both the Company's West Graham East Project, located in the world-class Sudbury Mining
Camp, and the Company's Muskox Property, located in Nunavut. In addition, such gross proceeds
will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through critical mineral
mining expenditures" (as such terms are defined in the
Income Tax Act (
Canada
)
) on the Company's
mineral properties. Proceeds from the Common Shares issued in connection with the Offering will
be used for property maintenance and general working capital purposes.
The Offering remains subject to the approval of the TSX Venture Exchange.
About SPC Nickel Corp.
SPC Nickel Corp. is a Canadian public corporation focused on exploring for Ni-Cu-PGMs within the
world class Sudbury Mining Camp. SPC Nickel is currently exploring its key 100% owned exploration
project Lockerby East located in the heart of the historic Sudbury Mining Camp that includes the
West Graham Resource and the LKE Resource. SPC Nickel also holds three additional projects
across
Canada
including the large camp-scale Muskox Project (located in
Nunavut
), the past
producing Aer-Kidd Project (located in the Sudbury Mining Camp) and the Janes Project (located 50
km northwest of
Sudbury
). The corporate focus is on
Sudbury
and SPC Nickel continues to look for
new opportunities to add shareholder value. Additional information regarding SPC Nickel and its
projects can be found at
www.spcnickel.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Except for statements of historical fact contained herein, the information in this news release
constitutes "forward-looking information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as "plans", "proposes", "estimates",
"intends", "expects", "believes", "may", "will" and include without limitation, statements regarding
estimated capital and operating costs, expected production timeline, benefits of updated
development plans, foreign exchange assumptions and regulatory approvals. There can be no
assurance that such statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results to differ materially
include, among others, metal prices, competition, risks inherent in the mining industry, and
regulatory risks. Most of these factors are outside the control of SPC Nickel. Investors are
cautioned not to put undue reliance on forward-looking information. Except as otherwise required
by applicable securities statutes or regulation, SPC Nickel expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a result of new information,
future events or otherwise.
SOURCE
SPC Nickel Corp.
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For further information:
Grant Mourre, Chief Executive Officer, Tel: (705) 669-1777, Email:
CO: SPC Nickel Corp.
CNW 19:00e 16-MAY-24