TORONTO, June 16, 2020 /CNW/ - RNC Minerals ("RNC" or
the "Corporation") (TSX: RNX) is pleased to announce that
effective Wednesday, June 17, 2020,
the Corporation's common shares and warrants will commence trading
on the Toronto Stock Exchange (the "TSX") under the
Corporation's new name, Karora Resources Inc., and its new trading
symbols "KRR" and "KRR.WT", respectively.
As described in RNC's management information circular dated
May 8, 2020 available through its
SEDAR profile at www.sedar.com, the Corporation believes that the
new name more accurately reflects its business focus on growing
gold production in Western
Australia – the Fraser Institutes top ranked mining
jurisdiction for investment worldwide in 2019. On June 15, 2020, the Corporation filed Articles of
Amendment to change its name from "Royal Nickel Corporation" to
"Karora Resources Inc." (the "Name Change"). The
shareholders of the Corporation overwhelmingly approved the Name
Change at the Corporation's annual and special meeting of
shareholders held on June 11, 2020.
The Name Change is effective as of June 15,
2020.
Table 1: New TSX Stock Symbols and Identification Codes
Effective June 17, 2020
|
Old
Symbol
|
New
Symbol
|
New
CUSIP
|
New
ISIN
|
Common
Shares
|
RNX
|
KRR
|
48575L107
|
CA48575L1076
|
Common Share Purchase
Warrants
|
RNX.WT
|
KRR.WT
|
48575L115
|
CA48575L1159
|
Effective June 17, 2020, the
Corporation's new US OTCQX trading symbol will be "KRRGF" for its
common shares.
Effective June 17, RNC's website,
www.rncminerals.com, will redirect visitors to the Corporation's
new webpage, www.karoraresources.com.
About the Corporation
The Corporation is focused on
growing gold production and reducing costs at its integrated Beta
Hunt Gold Mine (the "Beta Hunt Mine") and Higginsville Gold
Operations ("HGO") in Western
Australia. The Higginsville treatment facility is a low-cost
1.4 Mtpa processing plant which is fed at capacity from the
Corporation's underground Beta Hunt Mine and open pit HGO mine. At
the Beta Hunt Mine, a robust gold mineral resource and reserve is
hosted in multiple gold shears, with gold intersections along a 4
km strike length remaining open in multiple directions. HGO has a
substantial historical gold resource and highly prospective land
package totaling approximately 1,800 square kilometers. In
addition, the Corporation has a 28% interest in a nickel joint
venture that owns the Dumont Nickel-Cobalt Project located in the
Abitibi region of Quebec. Dumont
contains the second largest nickel reserve and ninth largest cobalt
reserve in the world. The Corporation has a strong board of
directors and management team focused on delivering shareholder
value.
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 the Corporation, production guidance and
the potential of the Beta Hunt Mine, HGO and Dumont Nickel
Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation 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 the
Corporation's filings with Canadian securities regulators,
including the most recent Annual Information Form, available on
SEDAR at www.sedar.com.
Although the Corporation 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 the Corporation 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.
Cautionary Statement Regarding the Higginsville Mining
Operations
A production decision at HGO was made by
previous operators of the mine, prior to the completion of the
acquisition of HGO by the Corporation and the Corporation made a
decision to continue production subsequent to the acquisition. This
decision by the Corporation to continue production and, to the
knowledge of the Corporation, the prior production decision were
not based on a feasibility study of mineral reserves, demonstrating
economic and technical viability, and, as a result, there may be an
increased uncertainty of achieving any particular level of recovery
of minerals or the cost of such recovery, which include increased
risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that anticipated
production costs will be achieved. Failure to achieve the
anticipated production costs would have a material adverse impact
on the Corporation's cash flow and future profitability. Readers
are cautioned that there is increased uncertainty and higher risk
of economic and technical failure associated with such production
decisions.
SOURCE RNC Minerals