SPC Nickel (TSX-V:SPC) is conducting a non-brokered private placement to raise C$6.6 million ($6.85 million) for exploration across its assets in Canada.
As part of the placement, 15.38 million common share units will be issued at C$0.065 to raise C$1 million, as well as 58.94 million charity flow-through units at C$0.095 for C$5.6 million.
Each common share unit comprises one common share and half of a purchase warrant, exercisable at C$0.10 within 18 months. Each charity flow-through unit will comprise one charity flow-through common share and half of a purchase warrant, exercisable under the same terms.
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.
Meanwhile, funds from the common share units issued in connection with the offering will be used for general working capital.
As previously reported, SPC Nickel has de-risked and reinforced the ‘strategic value; of its West Graham Project in Canada, following receiving metallurgical study results.
CEO Grant Mourre says the study confirms strong nickel and copper recoveries into clean concentrates with no negative elements and highlights the potential for further upgrading in a blended feed environment.
“Importantly, the concentrate specifications are consistent with other Sudbury Basin ores and could be integrated into existing processing infrastructure,” Mourre says.
SPC Nickel is a Canadian explorer focused on discovering polymetallic copper-nickel-platinum group metals mineralisation in Nunavut and within the Sudbury Mining Camp.
Write to Aaliyah Rogan at Mining.com.au
Images: SPC Nickel
