Sudbury Platinum Closes Private Placement For Gross Proceeds of $3,177,975

Sudbury Platinum Corporation and Transition Metals Corp. (TSXV:XTM) announced that SPC has closed a financing totaling $3,177,975 by way of issuance of 8,690,834 Flow Through common shares at a price of $0.33 per share, 148,649 Flow Through common shares at a price of $0.37 per share and 850,000 common shares at a price of $0.30 per share.  Of the total financing, $2,250,000 was raised via a bought non-brokered private placement by a group of Agents including Red Cloud Mining Capital and Resource Capital Fund VI L.P.
Sudbury Platinum CEO, Scott McLean, stated:

We are pleased to have completed a substantial and important financing. Proceeds will be used to carry out an 18,000 metre diamond drilling campaign at our Aer-Kidd Ni-Cu-PGM property near Sudbury to test major mineralized trends at depth and to complete borehole geophysical surveys in historic drill holes at the newly acquired Lockerby East and West Graham properties in the Sudbury Basin. Drilling at Aer-Kidd is expected to commence in April.