On June 29, 2023, SPC Nickel Corp. closed the transaction. The company issued 17,029,961 FT Shares at a price of CAD 0.105 per FT Share, for gross FT Share proceeds of CAD 1,788,146 and 5,285,888 Common Shares at a price of CAD 0.09 per Common Share, for gross Common Share proceeds of CAD 475,730 aggregate gross proceeds of CAD 2,263,876.

The Company paid finder fees to certain finders that assisted with the Offering. Such finders fees consisted of  the payment of cash commissions totaling CAD 96,547 with CAD 21,000 of such cash commissions being settled by the issuance of 233,333 Common Shares at a price of CAD 0.09 per Common Share and the issuance of 939,180 compensation warrants. Each Compensation Warrant is exercisable to acquire one Common Share at an exercise price of CAD 0.105 per Common Share for a period of 12 months following the date of issuance.

The securities issued in connection with the Offering, including any Common Shares issued upon exercise of the Compensation Warrants, are subject to a four-month restricted resale period that expires on October 30, 2023. Completion of the Offering is subject to all necessary approvals, including the approval of the TSX Venture Exchange. Certain officers and directors of the Company participated in the Offering.

The transaction included participation from 43 placees including two insiders for 155,555 shares and four pro groups for 1,550,000 shares.