TORONTO, April 20, 2017 /CNW/ - RNC Minerals
(TSX: RNX) ("RNC" or the "Company") is pleased to
announce that it has closed the joint venture transaction with
Waterton Precious Metals Fund II Cayman, LP and Waterton Mining
Parallel Fund Onshore Master, LP (collectively, "Waterton")
that was announced on March 22, 2017.
Under the terms of the transaction, Waterton has acquired a 50%
interest in the Dumont Nickel Project for US$22.5 million (C$30
million) in cash, implying a value of C$60 million for 100% of the asset. RNC and
Waterton will each inject US$17.5
million (for a total of US$35
million) into a newly established limited partnership that
will own and advance Dumont, and seek to acquire high quality
nickel assets globally.
About RNC
RNC is a multi-asset mineral resource company focused
primarily on the acquisition, exploration, evaluation and
development of base metal and precious 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 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.
About Waterton
Waterton is a leading private equity firm
dedicated to developing high quality resource assets in stable
jurisdictions. Waterton's founding team has a successful track
record of originating, structuring, managing and exiting
investments through acquisitions, joint ventures and partnerships,
across a range of sectors and asset classes.
Waterton's core strength is its cross-functional,
fully-integrated, in-house team of professionals who possess
significant mining, financial and legal expertise. Waterton's team
employs a proactive approach to asset management, leveraging
significant sector knowledge and extensive industry relationships
to support the firm's investment activities.
Waterton's two current active private equity funds, Waterton
Precious Metals Fund II and Waterton Parallel Fund closed with
capital commitments in excess of U.S. $1.725
billion in 2014 and 2016 respectively.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking
information" including without limitation statements relating to
the liquidity and capital resources of RNC, production guidance and
the potential of the Beta Hunt and Reed mines.
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: 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