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SUDBURY, ON, May 16, 2024 /CNW/ - SPC Nickel Corp. (TSXV: SPC) ("SPC Nickel" or the "Company") is pleased to announce an upsize of its previously announced non-brokered private placement (the "Offering") of common share units ("Common Share Units") and flow‑through common shares ("FT Shares").  The Company has increased the aggregate gross proceeds of the Offering from $1,500,000 to $2,015,000.  The Company has also amended the issue price of the FT Shares from $0.06 to $0.055 per FT Share.

The Company anticipates issuing 30,740,000 Common Share Units and 8,681,818 FT Shares pursuant to the Offering.

Each Common Share Unit shall consist of one common share and one half of a purchase warrant of the Company (each whole warrant a "Warrant") to acquire one common share at an exercise price of $0.07 per share exercisable for a period of 18 months from the Closing Date.

The Company may pay to eligible finders assisting in the Offering (i) a cash commission equal to 6% of the gross proceeds raised by such finders; and (ii) such number of compensation warrants ("Compensation Warrants") as is equal to 6% of the total number of Common Share Units and/or FT Shares sold by such finders.  Each Compensation Warrant shall be exercisable to acquire one Common Share at an exercise price of $0.07 per Common Share for a period of 18 months following the date of issuance.

The gross proceeds from the FT Shares issued in connection with the Offering will be used to advance both the Company's West Graham East Project, located in the world-class Sudbury Mining Camp, and the Company's Muskox Property, located in Nunavut.  In addition, such gross proceeds will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's mineral properties.  Proceeds from the Common Shares issued in connection with the Offering will be used for property maintenance and general working capital purposes.

The Offering remains subject to the approval of the TSX Venture Exchange.

About SPC Nickel Corp.

SPC Nickel Corp. is a Canadian public corporation focused on exploring for Ni-Cu-PGMs within the world class Sudbury Mining Camp. SPC Nickel is currently exploring its key 100% owned exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp that includes the West Graham Resource and the LKE Resource. SPC Nickel also holds three additional projects across Canada including the large camp-scale Muskox Project (located in Nunavut), the past producing Aer-Kidd Project (located in the Sudbury Mining Camp) and the Janes Project (located 50 km northwest of Sudbury). The corporate focus is on Sudbury and SPC Nickel continues to look for new opportunities to add shareholder value. Additional information regarding SPC Nickel and its projects can be found at www.spcnickel.com.