08:23 AM EDT, 06/12/2025 (MT Newswires) -- SPC Nickel ( SPCNF ) said Thursday that it is raising $3.5 million in a rights offering backstopped by Dundee (DC-A.TO).

Under the terms, holders of SPC shares at the close of business on June 24 will receive 0.906482950 of one transferable right for each share held. Each right entitles the holder to subscribe for one share at $0.02.

The rights offering will expire July 25.

Dundee subsidiary Dundee Resources agreed to acquire additional shares available as a result of unexercised rights under the offering. In exchange, SPC will issue 175 million shares.

SPC also agreed to issue non-transferable compensation warrants equal to 25% of the total number of shares Dundee Resources will acquire. Each compensation warrant can be exercised at $0.05 per share for 60 months.

SPC plans to use the net proceeds to conduct the first modern airborne geophysical surveys in over 20 years on its Muskox project in Nunavut.

The company also plans to advance the West Graham deposit through a series of environmental, geotechnical and metallurgical studies.