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SPC Metals raises $2million for Sudbury platinum project

Aug 25, 2020

Sudbury Platinum Corporation has closed a non-brokered private placement and formed a strategic relationship with Dundee Goodman Merchant Partners.

Jonathan Goodman, President & CEO of DGMP, stated, "We are very pleased to be partnering with SPC's exploration efforts in perhaps one of the world's greatest mining camp right here in Canada's Sudbury basin. DGMP utilizes a disciplined approach to deploy capital in the mining space for the long term and our investment with some likeminded investors will ensure SPC has the ability to accelerate its exploration work. I look forward to the results that follow and an exciting future ahead for SPC."

The private placement was over-subscribed and the Company issued a total of 9,837,500 common shares ("Shares") at a price of $0.16 per share, for proceeds of $1,574,000 and 3,750,000 flow-through common shares (the "FT Shares") at a price of $0.16 per FT Share, for proceeds of $600,000 (collectively, the "Offering"). 

A finder's fee was paid in connection with the Offering to Dundee Goodman Merchant Partners, Haywood Securities Inc., Leede Jones Gable Inc. and Canaccord Genuity Wealth Management (Collectively the "Finders"), that consisted of cash fees in the aggregate amount of $121,212, representing an aggregate commission of 6% of the Shares and FT Shares sold to investors introduced by the Finders. In addition, a total of 757,500 broker warrants have been issued to certain Finders. Each broker warrant entitles the holder to purchase a Common Share of the Company for $0.24 per share for a period of three (3) years.

DGMP has aligned with the Company to provide strategic direction, help the Company complete a public listing and grow SPC. The Company will utilize the funds to advance its newly acquired Janes Ni-Cu-Pd-Pt Project and further sample the Aer-Kidd project, both of which are located within the Sudbury Mining District as well as to advance the company towards a Public Listing. DGMP provided a lead order of $1,000,000 to support the current financing.

About Sudbury Platinum Corporation 

Sudbury Platinum Corporation is a Canadian private corporation that is focused on exploring for Nickel within well-established North American mining camps. The Company has spent approximately $10M on exploration to date and is currently exploring its key 100% owned exploration projects Aer-Kidd and Lockerby East both located in the heart of the historic Sudbury Mining Camp, a camp closely controlled by Vale, KGHM and Glencore as well as it Janes property located northeast of Sudbury. The Company will initially focus on advancing it key Sudbury Camp assets with a vision of growing to a pre-eminent nickel exploration company in North America. Additional information regarding the Company and its projects can be found at www.sudburyplatinumcorp.com.

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