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Sudbury Platinum Closes Private Placement For Gross Proceeds of $3,177,975
Sudbury Platinum Closes Private Placement For Gross Proceeds of $3,177,975 Sudbury...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nSudbury Platinum Closes Private Placement For Gross Proceeds of $3,177,975\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSudbury Platinum Closes Private Placement For Gross Proceeds of $3,177,975\nCanada NewsWire\nSUDBURY, ON, March 23, 2016\n\n\n\nSUDBURY, ON, March 23, 2016 /CNW/ - Sudbury Platinum Corporation (\"SPC\") and Transition Metals Corp. (XTM – TSX.V, \"Transition\" or the \"Company\") announce that SPC has closed a financing totaling $3,177,975 by way of issuance of 8,690,834 Flow Through common shares at a price of $0.33 per share, 148,649 Flow Through common shares at a price of $0.37 per share and 850,000 common shares at a price of $0.30 per share. Of the total financing, $2,250,000 was raised via a bought non-brokered private placement (the \"Offering\") by a group of Agents including Red Cloud Mining Capital and Resource Capital Fund VI L.P.\n\nScott McLean, P.Geo., CEO of SPC stated, \"We are pleased to have completed a substantial and important financing. Proceeds will be used to carry out an 18,000 metre diamond drilling campaign at our Aer-Kidd Ni-Cu-PGM property near Sudbury to test major mineralized trends at depth and to complete borehole geophysical surveys in historic drill holes at the newly acquired Lockerby East and West Graham properties in the Sudbury Basin. Drilling at Aer-Kidd is expected to commence in April. \n\nThe Agents received a cash commission of 8% on $482,723 of the Offering sourced and common share purchase warrants equal to 8%, exercisable for 36 months at a price of $0.35. Haywood Securities received the same commission on $75,000 sourced. \n\nPost-financing, SPC has 41,086,342 shares issued and outstanding and 45,821,345 shares on a fully diluted basis. Transition Metals owns 15,000,000 SPC shares, or 36% valued at approximately $4.5 million. \n\nTransition Grants Stock Options\n\nThe Company's Board of Directors has approved the issuance of 300,000 stock options to purchase common shares exercisable at $0.15 for a period of 5 years to officers, directors and consultants to the Company. The grant of o...