SPC Metals Closes Private Placement Totaling $1,910,714
SPC Metals Closes Private Placement Totaling $1,910,714 |
[25-June-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 About Transition Metals Corp SOURCE Sudbury Platinum Corporation | ||
Company Codes: TorontoVE:XTM |
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