Sudbury Platinum Closes $1.5-million Financing

Sudbury Platinum Corp., a private subsidiary of Transition Metals Corp. (TSXV:XTM), has closed a non-brokered private placement with Royal Nickel Corp. (TSX:RNX) for gross proceeds of $1,500,000. Proceeds from the private placement will be used to advance exploration on the Aer-Kidd project.

As quoted in the press release:

Work planned in 2014 includes up to 4,000 metres of diamond drilling to test high potential non-decaying borehole EM targets identified by the SPC in January (please refer to news release dated January 16, 2014) and the completion of additional borehole EM survey work. Transition will oversee and implement all exploration programs at Aer-Kidd pursuant to an Operating Agreement it holds with Sudbury Platinum.

Transition CEO Scott Mclean said:

We are pleased to partner with Royal Nickel Corporation on this project through our shared ownership in Sudbury Platinum. We are also very excited to test the exceptional conductivity targets we have identified associated with our portion the prolific Worthington offset dyke and look forward to exploration success that could have a significant positive impact to the shareholders of SPC and Transition

Click here to read the full press release.