/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
TORONTO, Sept. 23, 2016 /CNW/ - RNC Minerals ("RNC") (TSX:
RNX) is pleased to announce that it has closed its previously
announced bought deal private placement offering (the
"Offering") of 27,059,500 units of RNC (the "Units"),
including the full exercise of the over-allotment option by the
underwriters of the Offering, at a price of $0.34 per Unit for aggregate gross proceeds of
$9,200,230.
The Units were sold on a bought deal basis through a syndicate
of underwriters, led by Haywood Securities Inc. and including
Beacon Securities Limited. The net proceeds of the Offering will be
used for the continued ramp up and development of RNC's Beta Hunt
Mine and for working capital and general corporate purposes.
Each Unit consists of one common share (a "Common Share")
and one-half of one common share purchase warrant (each whole
common share purchase warrant, a "Warrant"). Each Warrant
will entitle the holder thereof to purchase one additional common
share (a "Warrant Share") at an exercise price of
$0.50 per Warrant Share for a period
of 24 months from the closing date.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements.
About RNC Minerals
RNC is a multi-asset mineral resource company focused primarily
on the acquisition, exploration, evaluation and development of
precious metal and base metal properties. RNC's principal assets
are the producing Beta Hunt gold and nickel mine in Western Australia, the Dumont Nickel Project
located in the established Abitibi mining camp in Quebec and a 30% stake in the producing Reed
copper-gold mine in the Flin
Flon-Snow Lake region of
Manitoba, Canada. RNC also owns a
majority interest in the West Raglan and Qiqavik projects in
Northern Quebec. RNC has a strong
management team and Board with over 100 years of mining experience
at Inco and Falconbridge. RNC's
common shares trade on the TSX under the symbol RNX. RNC shares
also trade on the OTCQX market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the closing of
the Offering.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RNC to be materially different from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: failure of the parties to
sign definitive agreements and satisfy conditions of closing;
future prices and the supply of metals; the results of drilling;
inability to raise the money necessary to incur the expenditures
required to retain and advance the properties; environmental
liabilities (known and unknown); general business, economic,
competitive, political and social uncertainties; accidents, labour
disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash costs, failure to obtain
regulatory or shareholder approvals. For a more detailed discussion
of such risks and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, refer to RNC's filings with Canadian
securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and RNC disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
SOURCE RNC Minerals