SUDBURY, ON, June 25, 2018
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
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Scott McLean, Chief Executive Officer, SPC Metals, Tel: (705) 669-1777Copyright CNW Group 2018