SUDBURY, ON, June 25, 2018 /CNW/ - Sudbury Platinum
Corporation ("SPC Metals" or "the Corporation"), a
private corporation 30% owned by Transition Metals Corp (XTM
–TSX-V), announces that it has closed a non‑brokered private
placement financing of $1,910,714. The financing consisted of
2,258,320 units (the "Units") of the Corporation at a
price of $0.20 per Unit, for gross
proceeds of $451,664 and 7,100,000
Flow Through Shares at a price of $0.2055 per share for gross proceeds of
$1,459,050. Each Unit consisted
of one common share of the Corporation (a "Common Share")
and one transferable share purchase warrant
(each, a "Warrant"). Each Warrant entitles
the holder to purchase one additional Common Share for a period of
24 months from closing at a price of $0.30, subject to other terms and conditions
specified in the Warrant certificates. XTM's equity interest
has subsequently been reduced from 36% to 29.55%.
A finder's fee was paid in connection with the placement to
Haywood Securities Inc. that consisted of a cash fee in the
aggregate amount of $11,832,
representing an aggregate commission of 6% of the Units and Flow
Through shares sold to investors introduced by finders, and an
aggregate of 58,500 share purchase warrants ("Compensation
Warrants"). The Compensation Warrants permit the
purchase of one Common Share for a period of 24 months from closing
at a price of $0.30, subject to other
terms and conditions specified in the Compensation Warrant
certificates.
Proceeds from the private placement will be used for exploration
and working capital purposes.
About SPC Metals
Sudbury Platinum Corporation, a private corporation 30% owned by
Transition Metals Corp (XTM –TSX-V), is a Canadian private
corporation focused on exploring for Ni-Cu-Co-PGM in the
Sudbury region. The Company is
exploring its key 100% owned Aer-Kidd Property, an advanced
exploration property located on the prospective Worthington Offset
Dyke, a 100% interest in the Lockerby East Property and a 70%
interest in the Graham West Property all of which are in the heart
of the Sudbury mining camp.
It also owns a 100% interest in the Owen Nickel Property. The
Company vision is to become a mine developer in the Sudbury district. Additional information
regarding the company and projects can be found at
www.sudburyplatinumcorp.com.
About Transition Metals Corp
Transition Metals Corp (XTM - TSX.V) is a Canadian-based,
multi-commodity project generator that specializes in converting
new exploration ideas into Canadian discoveries.
The award‑winning team of geoscientists has extensive
exploration experience in established, emerging and historic mining
camps and actively develops and tests new ideas for discovering
mineralization in places that others have not looked, which often
allows the Corporation to acquire properties inexpensively.
The team is rigorous in its fieldwork and combines traditional
techniques with newer ones to help unearth compelling prospects and
drill targets. Transition uses the project generator business
model to acquire and advance multiple exploration projects
simultaneously, thereby maximizing shareholder exposure to
discovery and capital gain. Joint venture partners earn an
interest in the projects by funding a portion of higher-risk
drilling and exploration, allowing Transition to conserve capital
and minimize shareholder's equity dilution. The Corporation
has an expanding portfolio that currently includes more than 25
gold, copper, nickel and platinum projects primarily in
Ontario, Nunavut, British
Columbia, Minnesota and
Saskatchewan. Additional
information regarding the company and projects can be found at
www.transitionmetalscorp.com.
SOURCE Sudbury Platinum Corporation