RNC Minerals (TSX: RNX) is pleased to announce that it has closed its previously announced bought deal financing, including the partial exercise of the over-allotment option, of 46,156,000 units of the Company, at a price of $0.40 per Common Share, for gross proceeds to the Company of $18,462,400. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each Warrant shall be exercisable to acquire one Common Share at a price per Warrant Share of $0.50 for a period of 24 months from the closing date of the Offering. The Warrants are listed on the Toronto Stock Exchange under the symbol RNX.WT.
The Offering was underwritten on a “bought deal” basis by a syndicate of underwriters led by Haywood Securities Inc. and including CIBC World Markets Inc. Red Cloud Klondike Strike Inc. acted as selling agent.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
RNC is currently focused on the integration of its Beta Hunt Gold Mine with its recently acquired Higginsville Gold Operation in Western Australia. A significant high-grade gold discovery – “Father’s Day Vein” – was made in September 2018 at Beta Hunt. The significant Beta Hunt gold resource potential is underpinned by multiple gold shears with gold intersections across a 4 km strike length which remain open in multiple directions adjacent to an existing 5 km ramp network. RNC has a 100% interest in HGO, which is comprised of a low cost 1.4 Mtpa gold mill and a substantial portfolio of gold tenements. In addition, RNC owns a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest nickel reserve and ninth largest cobalt reserve in the world. RNC also owns a 24% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. RNC has a strong management team and Board with over 100 years of mining experience.
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We acknowledge the [financial] support of the Government of Canada.