SPC Nickel Increases Previously Announced Private Placement Financing

Sudbury, Ontario–(Newsfile Corp. – February 25, 2022) – SPC Nickel Corp. (TSXV: SPC) (“SPC Nickel” or the “Corporation”) is pleased to announce a further increase in its previously announced non-brokered private placement (the “Offering”) due to oversubscription. The offer was originally announced on February 12and2022, to raise gross proceeds of up to $1,920,000, and due to oversubscription, the placement has been further increased to raise total proceeds of up to $3,138,507.

All terms of the offering remain the same, provided that the Company now intends to issue up to 10,540,714 flow-through charitable units (the “Charitable FT Units”) at a price of $0.15 per unit FT Charitable Unit, for proceeds of up to 1,581,107 units and over 11,980,000 flow-through units (“FT Units”) at a price of $0.13 per FT Unit, for proceeds of up to $1,557,400. Each FT Charitable Unit will consist of one flow-through common share of the Company and one-half share purchase warrant (each, a “Warrant”). Each FT unit will consist of one flow-through common share and one-half warrant. Each whole warrant issued in connection with the FT Charitable Units or FT Units will entitle the holder thereof to purchase one additional non-flow-through common share (a “Common Share”) for a period of 18 months from closing at the price of $0.18. per ordinary share.

Finder’s fees may be paid in connection with the placement to certain intermediaries who participate in the Offer, as determined by mutual agreement between the Company and such intermediaries, subject to regulatory approval. The finder’s fee will consist of 6% cash and non-transferable equity warrants equal to 6% of such Charity FT Units or FT Units sold to investors (“Compensation Warrants”). Each warrant will entitle its holder to purchase one common share for 18 months from closing at a price of $0.18 per share. The gross proceeds received by the Company from the sale of the FT Charitable Units and FT Units will be used to incur Canadian Exploration Expenses (“CEE”) which are “Flow-Through Mining Expenditures” (as such terms are defined in the Income Tax Code (Canada)) on the Company’s mineral properties.

Securities issued under the Offering, including Common Shares issued upon exercise of the Warrants, will be subject to a four-month resale restriction period and hold periods under securities laws. applicable outside of Canada as of the closing date. Completion of the private placement will be subject to all necessary approvals, including the approval of the TSX Venture Exchange. There can be no assurance that the Private Placement will be completed as proposed or at all.

About SPC Nickel Corp.

SPC Nickel Corp. (TSXV: SPC) is a new Canadian public company focused on Ni-Cu-PGM exploration in the world-class Sudbury mining camp. The Company is currently exploring its principal 100% owned exploration projects, Lockerby East and Aer-Kidd, both located in the heart of the historic Sudbury mining camp, and holds an option to acquire a 100% interest in the Janes project located about 50 km NE of Sudbury. In addition, the Company recently acquired over 43,000 hectares covering a large portion of the high potential Muskox intrusion, located in Nunavut. Although our focus is Sudbury, we are an opportunistic company always looking for opportunities to use our skills to add shareholder value. Additional information about the Company and its plans is available at www.spcnickel.com.

Caution regarding forward-looking information

Except for statements of historical facts contained in this release, the information contained in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and includes , but not limited to, statements regarding estimated capital and operating costs, expected production schedule, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from these statements. Factors that could cause actual results to differ materially include, but are not limited to, metal prices, competition, risks inherent in the mining industry and regulatory risks. Most of these factors are beyond the Company’s control. Investors are cautioned not to place undue reliance on forward-looking information. Except as otherwise required by applicable securities laws or regulations, the Company expressly disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or otherwise.

Further information is available at www.spcnickel.com or by contacting:

Grant Moure
President and CEO
SPC Nickel Corp.
Tel: (705) 669-1777

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE, PROVIDED IN ACCORDANCE WITH APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS SERVICES OR DISTRIBUTION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR US PERSONS NOT REGISTERED OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

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