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TORONTO, Jan. 18, 2019 /CNW/ - RNC Minerals (TSX:
RNX) ("RNC" or the "Company") is pleased to announce that the
syndicate of underwriters of its previously announced "bought deal"
financing, led by Haywood Securities Inc., and including Laurentian
Bank Securities Inc., BMO Capital Markets, Canaccord Genuity Corp.,
and Macquarie Capital Markets Canada Limited (collectively, the
"Underwriters") and Red Cloud Klondike Strike Inc. as selling
agent, have partially exercised their over-allotment option (the
"Over-Allotment Option") granted by RNC for an additional 326,165
common shares of the Company at $0.46
per common share for additional gross proceeds of $150,035.90.
The exercise of the Over-Allotment Option increases the size of
the previously completed "bought deal" and concurrent private
placement financing to a total of 19,891,165 common shares of the
Company for aggregate gross proceeds of $9,149,935.90.
The securities offered in this 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.
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 has initiated a 40,000 metre drill program on
near mine exploration targets focused on the Father's Day Vein
area, results of which will be incorporated into an updated NI
43-101 compliant Mineral Resource Estimate 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 35% 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 success of
the bought deal financing and use of proceeds therefrom, liquidity
and capital resources of RNC, production guidance and the potential
of the Beta Hunt Mine as well as the potential of the Dumont
development project and Orford Mining's Qiqavik and West Raglan
exploration properties.
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 law.
SOURCE RNC Minerals