Mr. Grant Mourre reports

SPC NICKEL CLOSES PRIVATE PLACEMENT

SPC Nickel Corp. has closed the previously announced non-brokered private placement of common shares and flow-through common shares.

In connection with the closing of the offering, the company issued an aggregate of 17,029,961 FT shares at a price of 10.5 cents per FT share, for gross FT share proceeds of $1,788,146, and 5,285,888 common shares at a price of nine cents per common share, for gross common share proceeds of $475,730.

The company paid finder fees to certain finders that assisted with the offering. Such finders' fees consisted of: (i) the payment of cash commissions totalling $96,547 (calculated as 6 per cent of the gross proceeds raised by such finders), with $21,000 of such cash commissions being settled by the issuance of 233,333 common shares at a price of nine cents per common share; and (ii) the issuance of 939,180 compensation warrants (calculated as 6 per cent of the total number of common shares and/or FT shares sold by such finders). Each compensation warrant is exercisable to acquire one common share at an exercise price of 10.5 cents per common share for a period of 12 months following the date of issuance.

The gross proceeds from the FT shares issued in connection with the offering will be used to advance both the company's Lockerby East project, located in the world-class Sudbury mining camp, and the company's Muskox property, located in Nunavut, Northwest Territories. In addition, such gross proceeds will be used to incur Canadian exploration expenses (CEE) that are flow-through critical mineral mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's mineral properties. Proceeds from the common shares issued in connection with the offering will be used for general working capital purposes.

The securities issued in connection with the offering, including any common shares issued upon exercise of the compensation warrants, are subject to a four-month restricted resale period that expires on Oct. 30, 2023.

completion of the offering is subject to all necessary approvals, including the approval of the TSX Venture Exchange.

Certain officers and directors of the company participated in the offering, which constitutes a related party transaction for purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the valuation and minority approval requirements of MI 61-101 by virtue of the fact that the issuer is not listed on a specified market set out in Section 5.5(b) of MI 61-101 and the value of common shares or FT shares subscribed for by such officers and directors is less than $2.5-million in accordance with the requirements of Section 5.7(b) of MI 61-101.

About SPC Nickel Corp.

SPC Nickel is a Canadian public corporation focused on exploring for nickel/copper/platinum group metals within the world-class Sudbury mining camp. SPC Nickel is currently exploring its key 100-per-cent-owned Lockerby East exploration project, located in the heart of the historic Sudbury mining camp that includes the West Graham resource and the Crean Hill 3 property under option from Vale. 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 kilometres northwest of Sudbury). The corporate focus is on Sudbury, and SPC Nickel continues to look for new opportunities to add shareholder value.

We seek Safe Harbor.