RNC Gold arranges private placement for up to C$5.5 million

By Sheri Kasprzak

Atlanta, Feb. 24 - RNC Gold Inc. said it plans to raise up to C$5.5 million in a private placement of units.

The company will sell units of one share and one half-share warrant at a price to be determined by the market and with Toronto Stock Exchange policies.

Canaccord Capital Corp. will be the placement agent.

Based in Toronto, RNC is a gold mining company. It plans to use the proceeds for development on its Cerro Quema gold project, exploration on its Bonanza and LaLibertad gold mine properties, working capital and general corporate purposes.

On Feb. 23, the company's stock closed down C$0.04 at C$1.31.

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