SPC Nickel (TSX-V:SPC) has closed its non-brokered private placement, raising a total of C$4.97 million ($5 million) to cover Canadian exploration expenses across its portfolio.
The company issued 22.65 million common share units to raise C$1.38 million, along with 49.15 million charity flow-through units to raise the remaining C$3.58 million.
Each common share unit comprises one share and one-half of a purchase warrant, entitling the holder to acquire one common share at an exercise price of C$0.15 per share, exercisable for a 20-month period from closing.
Each charity flow-through unit comprises one charity flow-through common share and one-half of a purchase warrant. The warrant entitles the holder the right to acquire one non-flow-through common share at C$0.15 per share, exercisable for 20 months from closing.
With the funding raised from this placement, SPC Nickel will target critical minerals exploration, qualifying the company for the 30% Critical Minerals Exploration Tax Credit under Canada’s Income Tax Act.
SPC Nickel is a Canadian mineral explorer focused on discovering polymetallic copper-nickel-platinum group metals mineralisation in Nunavut and the Sudbury Mining Camp.
Write to Maddison Elliott at Mining.com.au
Images: SPC Nickel
