Business
Transition's Investment Is Enhanced by SPC Metals' Completion of a Private Placement and Development of a Strategic Relationship with Dundee Goodman Merchant Partners
Sudbury, Ontario--(Newsfile Corp. - August 25, 2020) - Transition Metals Corp (TSXV: XTM) ("Transition", "XTM") is pleased to announce that its investment in Su
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - August 25, 2020) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"XTM\") is pleased to announce that its investment in Sudbury Platinum Corporation (\"SPC Metals\") has been enhanced through the completion of a private placement by SPC Metals and the development of an strategic relationship with Dundee Goodman Merchant Partners (\"DGMP\"). SPC announced that it has completed a private placement totaling $2,174,000 consisting 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 (see SPC news release dated August 25, 2020). After completing the financing, SPC has 64,361,515 outstanding and XTM's interest in SPC Metals has been reduced from 29.55% to 23.31%. 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. DGMP provided a lead order of $1,000,000 to support the current financing. 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.\" Transition CEO and President Scott McLean, P.Geo. stated, \"We are pleased that DGMP has led the financing of SPC Metals which we anticipate will complete a public transaction in the future. We view SPC as an important investment for the Company given the significant brownfields projects it is exploring in the heart of the Sudbury Mining Camp.\" About SPC Metals 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 curren...