Deal sells 4 million flow-through common shares at C$0.50 per share
By Devika Patel
Knoxville, Tenn., March 7 - Royal Nickel Corp. said it settled a C$2 million private placement of stock. The deal was conducted by agents Marquest Capital Markets and Casimir Capital Ltd.
The company sold 4 million flow-through common shares at C$0.50 apiece. The price per share represents a 56.25% premium to the March 6 closing share price of C$0.32.
Proceeds will be used to investigate the high-grade massive sulphide mineralization occurrence.
"By raising a targeted amount of capital through this flow-through financing we will be able to investigate the regional potential near Dumont and, most importantly, follow-up on a single high grade intersection (1.25m of 4.37% nickel, 5.56 g/t palladium + platinum, 0.46% copper and 0.13% cobalt) discovered in 2011 at the basal contact of the intrusion," president and chief executive officer Tyler Mitchelson said in a press release. "It is prudent to follow-up on this discovery at this time, to ascertain whether further high grade mineralization exists along the footwall contacts outside the known Dumont orebody, particularly as our exploration team has now largely finished its work for the Dumont feasibility study."
The nickel explorer is based in Toronto.
| Issuer: | Royal Nickel Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2 million
|
| Shares: | 4 million
|
| Price: | C$0.50
|
| Warrants: | No
|
| Agents: | Marquest Capital Markets and Casimir Capital Ltd.
|
| Settlement date: | March 7
|
| Stock symbol: | Toronto: RNX
|
| Stock price: | C$0.32 at close March 6
|
| Market capitalization: | C$28.37 million
|
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