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Sudbury Platinum and Transition Metals (TSXV:XTM) reported that Sudbury has completed a private placement for gross proceeds of $3,177,975.
Sudbury Platinum and Transition Metals (TSXV:XTM) reported that Sudbury has completed a private placement for gross proceeds of $3,177,975.
As quoted in the press release:
Post-financing, SPC has 41,086,342 shares issued and outstanding and 45,821,345 shares on a fully diluted basis. Transition Metals owns 15,000,000 SPC shares, or 36% valued at approximately $4.5 million.
Sudbury Platinum CEO, Scott McLean, said:
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.