SPC Nickel (TSX-V:SPC) has amended a previously reported non-brokered private placement to raise nearly C$5 million ($5.04 million).
The amended components of the capital raise include the common share units to be issued at a revised price of $0.05, as well as each flow-through unit to be repriced at C$0.073.
Each common share unit comprises one share and half of a share purchase warrant, exercisable at C$0.15 per share within a 20-month period. The same terms apply for the flow-through units.
The funds of the charity flow-through units will be used to incur expenses that are eligible Canadian exploration expenses which will also qualify as ‘flow-through mining expenditures’.
Exploration will target critical minerals and will qualify for the 30% Critical Minerals Exploration Tax Credit under Canada’s Income Tax Act.
Funds from the common share units issued in connection with the offering will be used for general working capital.
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 Aaliyah Rogan at Mining.com.au
Images: SPC Nickel
