Mr. Mark Selby reports
RNC MINERALS ADDS AN ADDITIONAL $8.4 MILLION CASH THROUGH WARRANT EXERCISES
Royal Nickel Corp. has received proceeds of $8.4-million from the exercise of 19,356,772 common share warrants at prices ranging from 24 cents to 50 cents per share, for total proceeds of $8.4-million.
"These exercises delivered a total of $8.4-million in additional cash to RNC. This infusion, in addition to the $38-million in cash to be received from the sale of the previously announced 24,000 ounces of gold recovered from the Fathers Day vein discovery, will allow the company to repay all of its debt and achieve a substantial net cash position. This cash is expected to fully fund all corporate activities for the foreseeable future, including most importantly the upcoming exploration program at Beta Hunt. With exploration and development ongoing, we will continue to provide timely updates on this very important gold discovery," said Mark Selby, president and chief executive officer of Royal Nickel.
About Royal Nickel Corp.
Royal Nickel has a 100-per-cent interest in the producing Beta Hunt gold mine located in Western Australia where a significant high-grade gold discovery -- Fathers Day vein -- was recently made. Royal Nickel also has a 28-per-cent interest in a nickel joint venture that owns the Dumont nickel-cobalt project located in the Abitibi region of Quebec which contains the second-largest nickel reserve and eighth-largest cobalt reserve in the world.
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