Business
Transition Metals Announces that Spinout Company SPC Nickel Has Closed a $7.82 Million Over-Subscribed Private Placement and Filed a Preliminary Prospectus for a Public Listing on TSX Venture Exchange
Sudbury, Ontario--(Newsfile Corp. - December 15, 2020) -   Transition Metals Corp. (TSX...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Metals Announces that Spinout Company SPC Nickel Has Closed a $7.82 Million Over-Subscribed Private Placement and Filed a Preliminary Prospectus for a Public Listing on TSX Venture ExchangeSudbury, Ontario--(Newsfile Corp. - December 15, 2020) -   Transition Metals Corp. (TSXV: XTM) (\"Transition\", \"XTM\", or the \"Company\") is pleased to announce that SPC Nickel Corp (\"SPC\"), formerly Sudbury Platinum Corporation (see SPC press release December 15, 2020), a company that Transition created through the spinout of its Aer-Kidd asset in the Sudbury Basin, has closed an over-subscribed non-brokered private placement which resulted in gross proceeds of $7,823,158 (the \"Offering). SPC has filed a preliminary prospectus with the securities regulatory authorities in Ontario, Alberta and British Columbia in connection with an application to list its common shares (the \"Common Shares\") on the TSX Venture Exchange. The Offering was led by strategic investment partner Dundee Goodman Merchant Partners (DGMP) and the filing of preliminary prospectus by SPC represents a significant milestone in Transition's execution of the Project Generator business model. Transition owns 15,000,000 shares of SPC, representing approximately 15% of the outstanding shares. Based on the completion of the SPC financing, this equates to $3,000,000 of value with considerable upside going forward. Scott McLean, P.Geo., CEO of Transition stated, \"The filing of a preliminary prospectus represents substantial progress for SPC as it moves toward a public listing in Q1 2021 and validates the Transition business model, gaining liquidity for its shareholdings. The Transition business model provides shareholders with exposure to numerous projects, equity positions and royalties while minimizing equity dilution and mitigating risk.\" McLean further noted that, \"Nickel is forecasted to perform well in the coming years as demand is expected to increase significantly. Transition's exposure to nickel is enhanced through its significant ownership position in SPC. Sudbury is the best nickel mining camp in the world and SPC is positioned better than any other junior exploring the camp.\"Listing Application Preliminary Prospectus FilingSPC has submitted an application to list its Common Shares on the TSX Venture Exchange. Concurrently with the listing appli...