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TORONTO, April 18, 2019 /CNW/ - RNC Minerals (TSX: RNX)
("RNC" or the "Company") is pleased to announce that it has
closed its previously announced bought deal financing of 24,490,000
common shares of the Company (the "Common Shares"), at a price of
$0.49 per Common Share (the "Issue
Price"), for gross proceeds to the Company of $12,000,100 (the "Offering"). The Offering was
underwritten on a "bought deal" basis by a syndicate of
underwriters, co-led by Haywood Securities Inc. and Cantor
Fitzgerald Canada Corporation, and including BMO Nesbitt Burns
Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada
Ltd., RBC Dominion Securities Inc., Sprott Capital Partners LP and
TD Securities Inc. (collectively, the "Underwriters").
In connection with the Offering, the Company has granted the
Underwriters an over-allotment option, exercisable at the Issue
Price for a period of 30 days following the closing of the
Offering, to purchase up to an additional 3,673,500 Common Shares
(representing 15% of the Common Shares offered pursuant to the
Offering) to cover over-allotments, if any, or for market
stabilization purposes.
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.
About RNC
RNC has a 100% interest in the producing Beta Hunt gold mine
located in Western Australia where
a significant high grade gold discovery - "Father's Day Vein" - was
recently made. RNC is currently completing a 40,000 metre drill
program, the results of which will be incorporated into an updated
Mineral Resource Estimate and mine plan targeted for Q2 2019. Beta
Hunt gold resource potential is underpinned by multiple gold shears
with gold intersections across a 4km strike length which remain
open in multiple directions adjacent to an existing 5km ramp
network. RNC also has 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 eighth largest cobalt reserve in
the world. RNC owns a 33% 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. 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 completion of the Offering, the use of proceeds of the
Offering, the completion of the acquisition of the Higginsville
Gold Operations and the potential of the Beta Hunt
Mine and Dumont Nickel – Cobalt
Project.
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; results of exploration
programs; accidents, labour disputes and other risks of the
mining industry; political instability, terrorism,
insurrection or war; or delays in obtaining governmental approvals,
projected cash operating 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, including the most recent
Annual Information Form, 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