TORONTO, June 18, 2014 /CNW/ - Royal Nickel Corporation ("RNC") (TSX: RNX) is pleased to announce that, further to its news releases of June 2 and June 9, 2014, it has closed the transaction to acquire an approximate 56% interest in True North Nickel Inc. ("True North"), a private company whose main asset is a 100% interest in the West Raglan nickel sulphide project located in Quebec.
"We are pleased to close the transaction to acquire a majority interest in True North. Located in northern Quebec, in an area that hosts two existing nickel mines, the West Raglan project is a very promising exploration opportunity. Now that the transaction has closed, we welcome Donald McInnes and Mark O'Dea as a director and special advisor, respectively, to the RNC team," said Mark Selby, President and CEO of RNC.
RNC has issued to the selling securityholders: (a) 5,594,696 common shares of RNC, (b) 550,656 stock options of RNC at an exercise price of $1.48 and 379,529 stock options of RNC at an exercise price of $0.74; and (c) 660,787 warrants of RNC at an exercise price of $2.07 and 249,067 warrants of RNC at an exercise price of $1.48.
About Royal Nickel Corporation
Royal Nickel Corporation is a mineral resource company focused primarily on the acquisition, exploration, evaluation and development of base metal and platinum group metal properties. RNC's principal asset is the Dumont Nickel Project strategically located in the established Abitibi mining camp, in the municipalities of Launay and Trécesson, 25 kilometres northwest of Amos, Quebec. RNC has a strong management team and Board with over 100 years of mining experience in the nickel business at Inco and Falconbridge. RNC's common shares trade on the TSX under the symbol RNX.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the potential of the West Raglan project.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Information Concerning West Raglan Property:
Information concerning the West Raglan property in this news release is taken from sources, some of which are historical, that RNC believes to be reliable, but RNC has not verified the information and does not assume responsibility for such third party information. The proximity to two producing nickel mines does not mean the West Raglan project will obtain similar results. West Raglan is an exploration project without any current resource estimates and there is no certainty that any such estimates will ever be established.
SOURCE: Royal Nickel Corporation
For further information: Rob Buchanan, Director, Investor Relations, T: (416) 363-0649, www.royalnickel.com; Mélanie Corriveau (French contact), Community Relations Coordinator, T: (819) 727-3777