07:16 AM EDT, 05/24/2024 (MT Newswires) -- SPC Nickel ( SPCNF ) said on Friday that it raised about $2 million by closing its upsized non-brokered private placement of common share units and flow-through common shares.

The company issued about 30.7 million common shares units at $0.05 apiece for about $1.5 million and about 8.7 million flow-through shares at $0.055 per share for $477,500.

Each common share unit consists of one common share and one half of a purchase warrant of the company to buy one common share at an exercise price of $0.07 per common share exercisable for 18 months following the closing.

The company plans to use the proceeds from the flow-through shares to advance the company's West Graham Project, located in the Sudbury Mining Camp, and the company's Muskox Property, located in Nunavut.