On July 31, 2025, SPC Nickel Corp. (“SPC”) completed a rights offering pursuant to which SPC issued 175,000,000 common shares at a subscription price of $0.02 per common share for aggregate gross proceeds of $3.5 million.
In connection with the rights offering, Dundee Resources Limited (“Dundee”), a wholly-owned subsidiary of Dundee Corporation, acquired 31,468,238 common shares of SPC under its basic subscription privilege and, pursuant to the standby purchase and investor rights agreement between Dundee and SPC entered into in connection with the rights offering, Dundee acquired an additional 65,049,494 common shares of SPC.
Cassels acted for Dundee.