Mr. Eric Sprott, an investor, reports
ERIC SPROTT ANNOUNCES HOLDINGS IN RNC MINERALS
Eric Sprott purchased today (through his holding company 2176423 Ontario Ltd.) over the Toronto Stock Exchange 561,000 common shares (representing approximately 0.1 per cent of the outstanding shares) of Royal Nickel Corp. (doing business as RNC Minerals). The shares were purchased at 42.84 cents per share for total consideration of $240,332. This press release is being issued pursuant to Canadian early warning requirements because Mr. Sprott's beneficial holdings of shares have increased to greater than 10 per cent of the outstanding shares of RNC Minerals.
Mr. Sprott now beneficially owns and controls 40,216,042 shares, representing approximately 10.1 per cent of the outstanding shares of RNC Minerals on a non-diluted basis. Prior to the foregoing sales, he beneficially owned and controlled 39,655,042 shares, representing approximately 9.9 per cent of the outstanding shares of RNC Minerals on a non-diluted basis.
The shares were bought for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of 2176423 Ontario's early warning report will appear on Royal Nickel's profile on SEDAR and may also be obtained by contacting Mr. Sprott at 416-362-7172.
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