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SUDBURY,
ON, May 23, 2024 /CNW/ - SPC Nickel Corp.
(TSXV: SPC) ("SPC Nickel" or the "Company") is
pleased to announce that it has closed the previously announced
non-brokered private placement (the "Offering") of common
share units ("Common Share Units") and flow‑through common
shares ("FT Shares").
Each Common Share Unit consists of one common share and one half
of a purchase warrant of the Company (each whole warrant a
"Warrant") to acquire one common share ("Common
Share") at an exercise price of $0.07 per Common Share exercisable for a period
of 18 months from closing.
In connection with the closing of the Offering, the Company
issued an aggregate of 30,740,000 Common Shares Units at a price of
$0.05 per Common Share Unit, for
gross proceeds of $1,537,000 and an
aggregate of 8,681,818 FT Shares at a price of $0.055 per FT Share, for gross proceeds of
$477,500.
The Company paid finder fees to certain finders that assisted
with the Offering. Such finder fees consisted of: (i) the payment
of cash commissions totaling an aggregate of $35,850 (calculated as 6% of the gross proceeds
raised by such finders) and (ii) the issuance of an aggregate of
681,272 compensation warrants ("Compensation Warrants")
(calculated as 6% of the total number of Common Share Units and/or
FT Shares sold by such finders). Each Compensation Warrant is
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
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 general working capital
purposes.
The securities issued in connection with the Offering, including
any Common Shares issued upon exercise of the Warrants and
Compensation Warrants, are subject to a four-month restricted
resale period that expires on September 24,
2024.
Completion of the Offering is subject to all necessary
approvals, including the approval of the TSX Venture Exchange.
Certain officers and directors of the Company participated in
the Offering, which constitutes a "related party transaction" for
purposes of Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). Such participation is exempt from the valuation and
minority approval requirements of MI 61-101 by virtue of the fact
that the Issuer is not listed on a specified market set out in
section 5.5(b) of MI 61-101 and the value of Units or FT Shares
subscribed for by such officers and directors is less than
$2,500,000 in accordance with the
requirements of section 5.7(b) of MI 61-101.
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.
