SPC Nickel Corp (TSX-V:SPC, OTC:SPCNF) has announced its intention to raise gross proceeds of up to $3 million by issuing any combination of flow-through (FT) and common shares, to a maximum of 33,333,333 shares, in a non-brokered private placement at a price of $0.105 per FT share and $0.09 per common share.
The mineral exploration company said gross proceeds from the FT offering will be used to advance both the company's Lockerby East project and Muskox property, while funds from its common share financing will be used for general working capital purposes.
SPC Nickel noted that it may pay to eligible finders assisting in the offering: a cash commission equal to 6% of the gross proceeds raised by such finders; and such number of compensation warrants as is equal to 6% of the total number of common shares and/or FT shares sold by such finders.
Each compensation warrant will be exercisable to acquire one SPC Nickel common share at an exercise price of $0.105 per common share for a period of 12 months following the date of issuance.
The company added that the offering remains subject to the approval of the TSX Venture Exchange.
SPC Nickel is a Canadian public corporation focused on exploring for nickel, copper, and platinum group metals (PGMs) within the world-class Sudbury Mining Camp.
The company is currently exploring its key 100% owned exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp that includes the Graham West Resource and the Crean Hill 3 property under option from Vale.
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