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Royal Nickel enters C$8.7M bought-deal financing to develop Beta Hunt nickel-gold project

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

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Royal Nickel enters C$8.7M bought-deal financing to develop Beta Hunt nickel-gold project

Royal Nickel Corp.said May 3 that it has entered into an agreement with underwriters co-led by HaywoodSecurities Inc. and Beacon Securities Ltd., which agreed to purchase, on a bought-dealbasis, 17,060,000 of the company's common shares at 51 Canadian cents each for grossproceeds of C$8.7 million.

The company granted the underwriters an overallotment option,which expires 30 days after the closing of the offering, to purchase up to an additional15% of the offering.

The offering is expected to close on or about May 26.

Net proceeds will be used for exploration and development ofthe Beta Hunt nickel-goldmine in Western Australia as well as for working capital and general corporate purposes.

Royal Nickel intends to acquirethe remaining 34% of Beta Hunt by the end of the month through issuing 24,324,066shares. The acquisition is subject to shareholder approval at the annual and specialmeeting of shareholders to be held May 18.