Transition Metals (XTM-V) Aug 11, '14 subsidiary Sudbury Platinum Corp. (SPC) has closed a non-brokered private placement for gross proceeds of $637,500. SPC issued 1,720,000 units and 830,000 flow through shares each at a price of $0.25. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase an additional common share in SPC at $0.45 for a period of eighteen months. SPC paid a cash finder's fees totaling $30,800 and issued 123,200 finders warrants exercisable at $0.25 for 18 months. SPC is a private company controlled by Transition Metals Corp (XTM - TSX.V) that currently owns 57% of SPC.SPC also announces that it plans to exercise its Right of First Refusal to purchase CaNickel Mining Company Limited's (CaNickel) 100% interest in the Aer-Kidd Project in Sudbury Ontario for a cash payment of $1,250,000. By doing so, the Option and Joint Venture Agreement currently in place between SPC and CaNickel dated October 1, 2012 will be terminated.
Scott McLean, president and CEO of Transition and CEO of SPC commented "SPC's interest in the Aer-Kidd Project has grown over a number of years as we continue to develop, pursue and evaluate Ni-Cu-PGM opportunities in the prolific Sudbury region. The targets that have been recently identified on the Aer-Kidd property are very compelling and have resulted in the Company's decision to purchase CaNickel's interest"
About the Aer-Kidd Property
The Aer-Kidd Property is located ~20 kilometres southwest of Sudbury, Ontario and covers a 1.4 kilometre section of the Worthington Offset Dyke in an area with a rich mining history, dating back to the 1800's. The property is approximately 2.6 kilometres northeast along strike of Vale's Totten Mine (10.1 million tonnes grading 1.5% Ni, 1.97% Cu, 4.8g/t PGM) Superscript 1 that is currently in production and 4.3 kilometres southwest and along trend of KGHM's Victoria Project (14.5 million tonnes grading 2.5% Ni, 2.5% Cu, 7.6 g/t PGM) 2 which is currently being developed. The Aer-Kidd Property hosts the former producing Howland Pit, Robinson and Rosen Mines, which were small deposits exposed at surface that were mined down to a maximum depth of 300 metres. SPC has completed modern UTEM IV geophysical surveys in accessible historic drill holes (see January 16, 2014 News Release) that have identified highly conductive drill targets below the historic mines that have excellent potential to host an economic Ni-Cu-PGM deposit. |
