Granite REIT Declares Distribution for April 2025
Granite Real Estate Investment Trust (' Granite ') ( TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CDN $0.2833 per unit for the month of April 2025. The distribution will be paid by Granite on Thursday, May 15, 2025 to unitholders of record at the close of trading on Wednesday, April 30, 2025.
Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of April 30, 2025, pursuant to United States Treasury Regulation Section 1.1446-4.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 143 investment properties representing approximately 63.3 million square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval+ (SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Senior Director, Legal & Investor Services, at 647-925-7504.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
an hour ago
- Cision Canada
IsoEnergy Commences Athabasca Basin Summer 2025 Exploration Program
TORONTO, June 12, 2025 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (NYSE: ISOU) (TSX: ISO) is pleased to announce the commencement of its summer exploration program across its eastern Athabasca Basin uranium properties. The program is expected to encompass a total of 24 diamond drill holes for 11,000 metres of drilling on the Larocque East and Hawk projects, following up on encouraging results from the winter 2025 program at Larocque East and winter 2024 program at Hawk. Geochemical results from the winter program at Larocque East remain pending and are planned to be released once available. Highlights Larocque East Project (Figure 1) A total of 20 diamond drill holes totaling 7,600 metres are planned to follow-up up on encouraging results from the winter 2025 program, targeting both resource expansion and regional discovery. Hurricane Resource Expansion – Drilling will continue to test the potential of the Hurricane Main and South trends, focusing on step-outs near the existing deposit (the " Deposit") (Figure 1). Greenfield Targets Along the Larocque Trend – Drilling will test Target Area D, 2.8 kilometres east of the Deposit, where the Company intersected the strongest radioactivity to date outside of the main mineral resource area. Additional drilling is planned at Target E, where summer 2024 drilling intersected elevated radioactivity and hydrothermal alteration near the unconformity and, Target F. Target K, located approximately 800 metres north of the main Hurricane conductor, identified in a new geophysical interpretation will also be drill tested along the 2,500 metre trend. Hawk Project 4 diamond drill holes totaling 3,400 metres are planned to target coincident electromagnetic conductors and Ambient Noise Tomography (" ANT") velocity anomalies along a sparsely drill-tested, 12-kilometre-long prospective corridor. Previous drilling intersected structural disruption, alteration, and elevated uranium geochemistry and radiometric responses, features consistent with a setting conducive to unconformity-style uranium mineralization (Figure 3). Saskatchewan Forest Fire Situation Mobilization for the drill program has been impacted due to severe forest fire activity in Northern Saskatchewan. The program is initially operating with one drill based out of Points North. Once conditions improve, specifically when the fires near La Ronge and along Highway 102 subside and safe transport routes are restored, the Larocque East camp is expected to be opened, and a second drill is planned to be deployed to accelerate the program. Advancing Exploration Pipeline Across the Eastern Athabasca Basin Additional work is planned this summer to advance a pipeline of exploration targets across the Company's earlier-stage projects. This includes a recently completed helicopter-borne MobileMT survey at the East Rim project, acquisition and processing of satellite hyperspectral data for the Bulyea River project, and potential prospecting, sampling, and mapping at the Bulyea River, East Rim and Evergreen projects (Figure 4). Dan Brisbin, Vice President Exploration, commented, "Our summer 2024 and winter 2025 drilling returned encouraging results at both Hurricane and along the Larocque trend, with strong radioactivity having been intersected. As we await geochemistry results for recent drilling, we are excited to pick up where we left off and continue advancing the potential for resource expansion along the main and south trends and additional discoveries along the 6-kilometre segment of the Hurricane trend to the east, particularly in target areas D and E. We are also eager to test, for the first time, the 2,500-metre trend located 800 metres north of the main conductor, an area that shares key geophysical characteristics with the Deposit. Lastly, we look forward to returning to the relatively underexplored Hawk project, where planned ground electromagnetic (" EM") and ANT surveys will guide drilling later this summer." Resource Expansion Drilling at Hurricane Following the success of the 2025 winter drill program (see news release dated April 23, 2025), exploration drilling has been proposed to further test several target areas (Figure 2). The Hurricane Main trend, where winter drill holes LE25-194 and 198 intersected strong radioactivity. LE25-194, located 80 metres east of Hurricane, returned an average RS-125 spectrometer (" RS-125") reading on core of 3,100 counts per second (" cps") over 0.5 metres with a corresponding downhole probe maximum reading of 30,829 cps. LE25-198 intersected up to 625 cps on core and 26,503 cps downhole probe 180 metres east of Hurricane. The Hurricane South trend, where winter drill holes LE25-207 and LE25-210 intersected strong radioactivity. Hole LE25-207, located 240 m east of Hurricane, returned an average RS-125 reading on over 0.5 metres on core of 8,800 cps and a corresponding downhole probe maximum reading of 30,096 cps, while LE25-210, drilled 480 metres east of Hurricane, intersected up to 3,700 cps averaged over 0.5 m on core and a corresponding downhole probe maximum reading of 20,280 cps. Regional Targets on the Larocque Trend Target Area D, 2.8 kilometres east of Hurricane, where winter drill hole LE25-202 intersected an average RS-125 reading on over 0.5 metres on core of 6,200 cps and up to 28,782 cps downhole probe within that interval – the highest radioactivity intersected on the project to date outside of the immediate Hurricane area. The LE25-202 intersection is on the western margin Target Area D at edge of an ANT seismic velocity anomaly where a new geophysical model generated earlier this year by Computational Geosciences Inc. and Convolutions Geoscience shows a potential splay in the Hurricane trend EM conductor package. Target Area E is centred on a 1 kilometre by 2 kilometre ANT anomaly located 8 kilometre east of Hurricane at the eastern edge of the property where the 2025 conductivity model suggests an east-closing fold of the Hurricane host graphitic-pyritic pelite basement gneisses have been breached by east-northeast striking faults. Drill hole LE24-192, drilled in 2024, intersected 2.0 metres at 495 ppm U-p straddling the unconformity including 0.5 metres at 1,110 ppm U-p immediately below the unconformity. Drill hole LE24-180 returned 462 ppm U-p over 0.5 m. Unconformity depth in that hole was only 175 metres compared to 325 metres at the Hurricane deposit. Target Area F, located in the northeast, is centered on the conductor corridor and aligns with roughly coincident resistivity and ANT velocity anomalies. Disruption of these geophysical patterns at the east end of Target Area F is inferred to reflect prospective structural complexity. The new geophysical model generated earlier this year by Computational Geosciences Inc. and Convolutions Geoscience from joint inversion of historic EM and resistivity survey data highlighted a previously unexplored 2,500 metres long conductive trend 800 metres north of the main Hurricane conductor trend. This is interpreted as the eastern extension of the Hurricane conductor trend northern splay that originates near drill hole LE25-202. This target, referred to herein as Target Area K, exhibits two geophysical features like those at Hurricane: a flexure from a northeast trend to and east trend, and a conductivity decrease on the southwest end potentially due to the effects of alteration on the conductive host rocks. The drilling program will be results driven, with drilling being reallocated among these target areas in response to mineralized intercepts. Drilling planned to begin at the Hawk project in August may also be reallocated to the Larocque East project if results warrant. Hawk Project Winter 2024 drill holes at the Hawk project intersected structure, alteration, and broad zones of elevated radioactivity typical of unconformity-related uranium deposits (see news release dated April 25, 2024). These holes were drilled to test EM conductors along a regional high conductivity trend mapped by Z-Axis Tipper Electromagnetic (" ZTEM") surveys and within a prominent ANT seismic velocity low interpreted to be due to structural disruption and alteration. The holes were drilled along trend to the north of 2023 drill holes HK23-03 and HK23-05A (Figure 3) that intersected structural disruption, desilicification, clay alteration, and "grey" zone sulphide mineralization with anomalous radioactivity and U-p geochemistry at the unconformity. Drill hole HK23-05A returned 168 ppm U-p over 2.0 metres in the basal sandstone including 511 ppm U-p over 0.5 metres immediately above the unconformity. HK23-08, which intersected the unconformity about 90 metres to the east, intersected 27 ppm U-p over 5.0 metres in the basal sandstone, including 99 ppm U-p over 0.5 m. Exploration work planned for summer 2025 includes: Stepwise moving loop EM surveying to more accurately locate conductors than the existing fixed loop EM surveys do. It is anticipated that this will improve drill hole targeting. ANT surveys over the northern portion of the project to test for the extension of the existing ANT velocity anomaly along the conductivity corridor in an area where there is 35 metres of unconformity elevation change between 2023 drill holes HK23-01 and HK23-02. Drill up to 3,400 metres in four holes to test targets along the Hawk conductivity corridor that will be finalized upon completion of the ground geophysical surveys. Developing Drill Targets on Additional Highly Ranked Projects Additional work is being planned for the summer of 2025 to develop a pipeline of exploration targets on the Company's earlier stage projects. An airborne MobileMT conductivity and magnetic survey was recently completed over the East Rim project. Data processing and interpretation are in progress. Acquisition of satellite hyperspectral survey data for the Bulyea River project is planned for June. This data will be used for remote mineral mapping to help guide initial geological mapping, prospecting and sampling planned for late summer to follow up on historic highly anomalous uranium lake sediment geochemistry and radiometric anomalies detected by both historic and 2024 surveys completed for IsoEnergy by RAMP Geological Services Inc. Qualified Person Statement The scientific and technical information contained in this news release was reviewed and approved by Dr. Dan Brisbin, IsoEnergy's Vice President, Exploration, who is a "Qualified Person" (as defined in NI 43-101 – Standards of Disclosure for Mineral Projects). See the press releases referred to above for additional information, including data verification and quality assurance/quality control procedures, as well as the complete exploration results from the previous programs disclosed herein. For additional information regarding the Company's Larocque East Project, including the current mineral resource estimate for IsoEnergy's Hurricane Deposit, please see the technical report entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" dated August 4, 2022, available on the Company's profile at About IsoEnergy Ltd. IsoEnergy (NYSE American: ISOU andTSX: ISO) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource. IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer. Cautionary Statement Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of U.S. securities laws (collectively, "forward-looking statements"). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements may relate to the Company's properties, planned exploration activities for summer 2025 and the anticipated results thereof; and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the results of planned exploration activities are as anticipated and will be reported when anticipated; the anticipated mineralization of IsoEnergy's projects being consistent with expectations; the price of uranium; the anticipated cost of planned exploration activities; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned activities will be available on reasonable terms and in a timely manner. Although IsoEnergy has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Such statements represent the current views of IsoEnergy with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: negative operating cash flow and dependence on third party financing; uncertainty of additional financing; no known mineral reserves; aboriginal title and consultation issues; reliance on key management and other personnel; actual results of technical work programs and technical and economic assessments being different than anticipated; changes in development and production plans based upon results; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena; other environmental risks; changes in laws and regulations; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; other risks associated with the mineral exploration industry; and general economic and political conditions in Canada, the United States and other jurisdictions where the Company conducts business. Other factors which could materially affect such forward-looking statements are described in the risk factors in IsoEnergy's most recent annual management's discussion and analysis and annual information form and IsoEnergy's other filings with securities regulators which are available under the Company's profile on SEDAR+ at and on EDGAR at
Cision Canada
an hour ago
- Cision Canada
LUCA ANNOUNCES LEADERSHIP GROWTH AND BOARD TRANSITION
VANCOUVER, BC, June 12, 2025 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to report that Mr. Ramon Mendoza, currently Luca's interim Chief Operating Officer will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the Company's Chief Technical Officer. Mr. Mendoza has over 35 years of senior experience in the mining industry, with expertise in mine development, process optimization, and a highly successful track record of managing both underground and open-pit operations. He has played a pivotal role in the successful transformation of Luca's operations at the Campo Morado and Tahuehueto mines in Mexico into consistent producers of gold, silver and base metals with significant growth potential. Prior to joining Luca, Mr. Mendoza worked as a mining consultant and spent many years at First Majestic Silver Corp., where he was a member of the senior leadership team, focusing on strategic management and project execution. The Company also announces that Mr. David Rhodes will be stepping down as Chairman effective as of June 10, 2025 but will remain a valued member of Luca's Board of Directors. Well known in the financial industry, including as the Managing Director of Endeavour Financial, Mr. Rhodes' guidance and expertise will continue to be of great benefit to the Company. Mr. Peter Damouni will step into the role of Chairman of the Board. He brings over 20 years of global corporate and investment banking experience with a focus on the natural resources sector. Mr Damouni has served as an executive and director of several public companies listed on the TSX, TSXV, and LSE. Throughout his career, he has played a key role in developing and executing corporate strategies, including equity and debt financings, restructurings, joint ventures, acquisitions and sale processes. Mr. Damouni has been a Director of Luca since 2024 and has demonstrated outstanding leadership to the Company, fostering a shared sense of purpose, initiative and positivity. Mr. Dan Barnholden, CEO, commented, " I believe that Luca has a team that is second to none. Ramon Mendoza and Peter Damouni are highly effective, strong leaders who are focused on growing Luca in a safe, sustainable way. Peter is very much welcomed as Chair as we continue to build and execute our corporate strategies. He is an excellent team-builder and his guidance will be critical as our growth accelerates. I would like to thank David Rhodes for his support and expertise during his time as Luca's Chair. Luca is fortunate that David will remain as a Director. Ramon has excelled on the operational front since joining Luca and will build upon this success in his new position as COO. He is a role model to the teams in Mexico and under his leadership Luca's two mines have consistently performed well. His expertise has facilitated successful optimizations at the Company's operations leading to increased production, cash flow and market performance." About Luca Mining Corp. Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as significant exploration potential. The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 sq km. It is an underground operation, producing gold, silver, copper, zinc, and lead. The mine is located in Guerrero State. The Tahuehueto Mine is a large property of over 75 sq km in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production. For more information, please visit: On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, CEO Cautionary Note Regarding Production Decisions and Forward-Looking Statements Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans"," expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Luca Mining Corp.
Cision Canada
an hour ago
- Cision Canada
SPC Nickel Announces $3.5 Million Rights Offering Backstopped by Dundee Corporation
SUDBURY, ON, June 12, 2025 /CNW/ - SPC Nickel Corp. (TSXV: SPC) (" SPC" or the " Corporation") and Dundee Corporation (TSX: DC.A) are pleased to announce that SPC is commencing a rights offering (the " Rights Offering") to the holders of common shares in the capital of the Corporation (the " Common Shares") to raise aggregate gross proceeds of approximately $3,500,000. The net proceeds of the Rights Offering will be used to conduct the first modern airborne geophysical surveys in over 20 years on the Corporation's 470 km 2 polymetallic Muskox Property and the advancement of the West Graham Deposit via a series of environmental, geotechnical and metallurgical studies. In addition, the Corporation plans to evaluate a number of very high conductivity electromagnetic targets on the broader Lockerby East Property for high-grade polymetallic sulphide mineralization. The remainder of the proceeds will be used for general corporate purposes, as detailed in the Rights Offering Circular (as defined below). Under the terms of the Rights Offering, holders of Common Shares at the close of business (Toronto time) on June 24, 2025 (the " Record Date") will receive 0.906482950 of one (1) transferable right (each, a " Right") for each Common Share held as of the Record Date. Each Right will entitle the holder thereof to subscribe for one (1) Common Share (the " Basic Subscription Privilege") at a subscription price of $0.02 per Common Share (the " Subscription Price"). The Subscription Price represents a 33% discount to the last closing price of the Common Shares on the TSX Venture Exchange (the " Exchange") prior to the announcement of the Rights Offering. Pursuant to applicable securities laws, and to the extent that other holders of Rights do not exercise all of their Rights under the Basic Subscription Privilege, each holder of Rights who fully exercises its Basic Subscription Privilege will also be entitled to subscribe for additional Common Shares on a pro rata basis at the Subscription Price (the " Additional Subscription Privilege"), all in the manner prescribed by securities laws and as further detailed in the Rights Offering Circular. The Rights Offering is expected to expire at 5:00 p.m. (Toronto time) (the " Expiry Time") on July 25, 2025 (the " Expiry Date"). Any Rights not exercised at or before the Expiry Time on the Expiry Date will be void and will have no value. The Rights will be listed on the Exchange under the trading symbol " commencing on June 24, 2025 and will be posted for trading until 12:00 p.m. (Toronto time) on the Expiry Date. The completion of the Rights Offering is conditional upon the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the final acceptance of the Exchange. In connection with the Rights Offering, the Corporation has entered into a standby purchase and investor rights agreement dated June 11, 2025 (the " Standby Commitment Agreement") with Dundee Resources Limited (the " Standby Purchaser"), a wholly-owned subsidiary of Dundee Corporation, pursuant to which the Standby Purchaser has agreed, subject to certain terms and conditions, to exercise its Basic Subscription Privilege and the Additional Subscription Privilege in respect of any Rights it holds, and, in addition thereto, to acquire any additional Common Shares available as a result of any unexercised Rights under the Rights Offering (the " Standby Commitment"), such that the Corporation will, subject to the terms of the Standby Commitment Agreement, be guaranteed to issue 175,000,000 Common Shares in connection with the Rights Offering for aggregate gross proceeds to the Corporation of approximately $3,500,000. As consideration for providing the Standby Commitment, the Corporation has agreed to issue the Standby Purchaser that number of non-transferable compensation warrants (the " Compensation Warrants") equal to 25% of the total number of Common Shares the Standby Purchaser has agreed to acquire under the Standby Commitment. Each Compensation Warrant shall entitle the Standby Purchaser to purchase one (1) Common Share at a price of $0.05 per share for a period of 60 months from the date of issuance. Pursuant to and on the date the Standby Commitment Agreement was entered into, the Standby Purchaser advanced, by way of an unsecured term loan, the principal amount of $500,000 (the " Advanced Amount"). The Advanced Amount was advanced to the Corporation by the Standby Purchaser pursuant to, and evidenced and governed by, the terms and conditions of an unsecured promissory note (the " Note"). Subject to the set off and prepayment terms described below, the Advanced Amount, together with all accrued and unpaid interest thereon is due and payable on the closing date of the Rights Offering. To the extent that the Advanced Amount, not including accrued and unpaid interest outstanding, is less than the aggregate subscription price payable by the Standby Purchaser on the closing of the Rights Offering (i) the Standby Purchaser shall be entitled to elect to set-off the Advanced Amount, but not including accrued and unpaid interest thereon outstanding under the Note as at the closing of the Rights Offering, against the aggregate subscription price payable by the Standby Purchaser for the Common Shares acquired pursuant to the Standby Commitment; and (ii) if the Standby Purchaser exercises such right, the Corporation shall pay the accrued and unpaid interest thereon under the Note as at the closing of the Rights Offering in immediately available funds to an account designated by the Standby Purchaser. Under the Standby Commitment Agreement, the Standby Purchaser has also been granted certain rights to maintain its pro rata interest in the Corporation so long as the Standby Purchaser maintains an undiluted ownership interest in the Corporation of 10% or more. Additionally, the Standby Commitment Agreement provides that, other than with respect to the Corporation's West Graham project located in the nickel-copper mining district of Sudbury, Ontario, during the period commencing on the date of the Standby Commitment Agreement and ending on the first anniversary of the closing date of the Rights Offering, the Corporation or any of its affiliates, shall not create, incur, assume or suffer to exist any indebtedness (other than any indebtedness existing as of the date of the Standby Commitment Agreement), greater than, in the aggregate, $100,000; or create or grant any royalties (other than any royalties existing as of the Standby Commitment Agreement) in favour of any person on any of the Corporation's mineral properties. The Standby Purchaser is a "related party" of the Corporation under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (" MI 61-101") because the Standby Purchaser has beneficial ownership of, or control or direction over, directly or indirectly, more than 10% of the issued and outstanding Common Shares. The Rights Offering, however, is exempt from the related party transaction rules pursuant to section 5.1(k)(ii) of MI 61-101. The delivery of the Note is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively. Further details on the Rights Offering, including eligibility requirements for shareholders to participate and the procedures to be followed by shareholders in order to subscribe for Common Shares, will be included in a rights offering circular (the " Rights Offering Circular"), a rights offering notice (the " Rights Offering Notice"), a notice to ineligible holders (the " Notice to Ineligible Holders") and the Standby Commitment Agreement which will be available under the Corporation's issuer profile on SEDAR+ at It is expected that a copy of the Rights Offering Notice, a direct registration system advice representing the Rights (" Rights DRS Advice") and a subscription form (" Subscription Form") will be mailed to each registered shareholder of the Corporation resident in the Eligible Jurisdictions (as defined below) as at the Record Date. Registered shareholders who wish to exercise their Rights must forward the Rights DRS Advice, together with the completed Subscription Form and the applicable funds, to the rights agent, TSX Trust Company at or before the Expiry Time. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary and may have an earlier deadline for receipt of instructions and payment than the Expiry Time. The Rights Offering will be conducted only in the provinces and territories of Canada (other than Québec) (the " Eligible Jurisdictions"). Accordingly, and subject to the detailed provisions of the Rights Offering Circular, Rights will not be delivered to, nor will they be exercisable by, persons resident outside of the Eligible Jurisdictions unless such holders can establish that the transaction is exempt under applicable legislation. Rather, such Rights may be sold on their behalf. If you are a holder of Common Shares and reside outside of Canada, please review the Rights Offering Notice, the Rights Offering Circular and the Notice to Ineligible Holders to determine your eligibility and the process and timing requirements to receive and exercise your Rights. The Corporation requests that any ineligible holder interested in exercising their Rights contact the Corporation at their earliest convenience. Neither the Rights being offered or the Common Shares have been or will be registered under the United States Securities Act of 1933, as amended, and may not be exercised, offered or sold, as applicable, in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Corporation. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction. About SPC Nickel Corp. SPC Nickel Corp. is a Canadian public corporation focused on exploring for Ni-Cu-PGMs (high-grade polymetallic mineralization) within the world class Sudbury Mining Camp and in Nunavut. SPC Nickel is currently exploring its key 100% owned exploration project Lockerby East located in the heart of the historic Sudbury Mining Camp that includes the West Graham Resource and the LKE Resource. SPC Nickel also holds three additional projects across Canada including the large camp-scale Muskox Project (located in Nunavut), the past producing Aer-Kidd Project (located in the Sudbury Mining Camp) and the Janes Project (located 50 km northwest of Sudbury). The corporate focus is on Sudbury, and SPC Nickel continues to look for new opportunities to add shareholder value. About Dundee Corporation Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments. Caution Regarding Forward-Looking Statements: Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators. These statements and information are based on facts currently available to the Corporation and there is no assurance that actual results will meet management's expectations. Forward-Looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". While the Corporation considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward- looking statements in this news release include without limitation, statements with respect to the terms of the Rights Offering, the completion of the Rights Offering, the Standby Commitment, the anticipated benefits of the Rights Offering, the net proceeds to be available upon completion of the Rights Offering, the intended use of proceeds from the Rights Offering, the timing and ability of the Corporation to close the Rights Offering, the timing and ability of the Corporation to receive necessary regulatory approvals, including the final acceptance of the Rights Offering from the Exchange, among others. All forward-looking information contained in this press release is given as of the date hereof, and is based on the opinions and estimates of management and information available to management as of the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE SPC Nickel Corp.
