Proactive Investors - Run By Investors For Investors

RNC Minerals closes $12M financing

In March, the group said it had struck a purchase option agreement with Westgold Resources
Canadian dollar
RNC brought in $12,000,100 gross

RNC Minerals Corp (TSE:RNX) told investors it had closed its previously announced bought deal financing, bringing in $12,000,100 gross.

Last month, the firm said net proceeds will be used for exploration drilling and to advance the Beta Hunt mine in Western Australian and on closure of the proposed acquisition of the Higginsville gold operations.

READ: RNC Minerals sees significant cost savings in Higginsville operations acquisition; announces $12M bought deal financing

The financing consisted of  24.49 million shares at $0.49 a share.

In connection with the offering,  RNC granted the underwriters an over-allotment option, exercisable at the issue price for 30 days following closing, to buy a further around 3.67 million shares (representing 15% of shares offered in the financing).

In March, the group said it had struck a purchase option agreement with Westgold Resources over its mine and  Higginsville mill in Western Australia.

It expects that processing cost savings would be over C$15 per tonne, or a 35% reduction. The move would also add an expected 40,000 to 45,000 ounces of gold production in 2019.

Last month it also announced record gold production from its Beta Hunt mine during the fourth-quarter 2018

At Beta Hunt, 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.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

View full RNX profile View Profile

RNC Minerals Timeline

Related Articles

Yaouré Gold Project in Côte d’Ivoire
April 03 2019
The company is expected to post its latest production figures later this month.
Archer quantum computing technology
April 16 2019
As part of its advanced materials strategy, the company is progressing a graphite-to-graphene beneficiation strategy.
August 07 2018
The company recently drilled 18 holes, totaling 2,437.5 metres in eight separate prospect areas at its Alvito Iron Oxide Copper-Gold (IOCG) project

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use