NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES.
TORONTO, Sept. 26, 2016 /CNW/ - RNC Minerals ("RNC") (TSX:
RNX) is pleased to announce that, further to its news release dated
September 9, 2016, Eric Sprott beneficially now owns, through his
holding company 2176423 Ontario Ltd., approximately 10% of the
issued and outstanding shares of RNC on a non-diluted basis and
approximately 13% on a partially diluted basis. On September 23, 2016, 2176423 Ontario Ltd. acquired
27,530,000 common shares and 9,265,000 ("Warrants", as defined
below) of RNC. The common shares were acquired through
participation in the bought deal private placement which closed on
September 23, 2016 and through a
separate transaction on September 23,
2016 facilitated by Haywood Securities Inc., as lead
underwriter on behalf of a syndicate of underwriters. Mr. Sprott
did not beneficially own any securities of RNC prior to
September 23, 2016.
2176423 Ontario Ltd. acquired 18,530,000 units of RNC ("Unit")
on September 23, 2016 through the
bought deal private placement offering. Each Unit consists of one
RNC common share and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant"). In
addition, 2176423 Ontario Ltd. acquired 9,000,000 RNC common shares
as part of a separate transaction facilitated by the underwriters
on September 23, 2016. In total,
2176423 Ontario Ltd. now holds 27,530,000 common shares and
9,265,000 Warrants, or 10% of the issued and outstanding common
shares of RNC on a non-diluted basis and approximately 13% on a
partially diluted basis.
Mark Selby, President and CEO of
RNC commented, "RNC is pleased to welcome Eric Sprott, one of the world's premiere gold
investors, as our largest shareholder. We are excited to have his
support as RNC works to unlock the potential at Beta Hunt and focus
on value creation across our portfolio of assets."
Eric Sprott commented, "I look
forward to being a supportive shareholder and participating in
RNC's growth as it continues to ramp up gold production at its Beta
Hunt mine in Western Australia. I
am also looking forward to seeing the mine unlock its excellent
exploration potential to grow the existing gold resource base."
The common shares and Units were acquired by 2176423 Ontario
Ltd. for investment purposes. 2176423 Ontario Ltd. has a long-term
view of the investment and may acquire additional common shares or
Units either on the open market or through private acquisitions or
sell the common shares either on the open market or through private
dispositions in the future depending on market conditions,
reformulation of plans and/or other relevant factors.
A copy of 2176423 Ontario Ltd.'s early warning report will
appear with RNC's documents on the System for Electronic Document
Analysis and Retrieval and may also be obtained by contacting Mr.
Sprott at (416) 362-7172.
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 bought deal
private placement and separate transaction.
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