06:47 AM EDT, 05/17/2024 (MT Newswires) -- SPC Nickel ( SPCNF ) overnight Thursday increased its previously announced non-brokered private placement of common share units and flow-through common shares from $1.5 million to about $2 million.

The company has also amended the issue price of the flow-through shares from $0.06 to $0.055.

SPC expects to issue around 30.7 common share units and 8.7 flow-through shares under the offering. Each common share unit consists of one common share and one-half of a purchase warrant to acquire one common share at an exercise price of $0.07 per share, exercisable for an 18-month period from the offering's closing.

Proceeds from the flow-through share issuance will be used to advance the company's West Graham East project and the Muskox property, as well as to cover Canadian Exploration Expenses that are "flow-through critical mineral mining expenditures" on SPC's mineral properties.

Funds raised from the common share issuance will be used for property maintenance and general working capital purposes.