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Eric Sprott acquires 10% stake in RNC Minerals

RNC Minerals said Sept. 26 that Eric Sprott is now a 10% shareholder of the company on a nondiluted basis after his 2176423 Ontario Ltd. holding company acquired 27,530,000 common RNC shares and 9,265,000 RNC warrants.

Sprott's holding company acquired 18,530,000 RNC units as part of the miner's recently closed bought-deal private placement and 9,000,000 RNC shares through a separate Sept. 23 transaction facilitated by the bought-deal offering's underwriters.

Each unit consists of 1 common share and 0.5 of a share purchase warrant, giving 2176423 Ontario a total of 27,530,000 common RNC shares and 9,265,000 RNC warrants or about a 13% interest in the miner on a partially diluted basis.

2176423 Ontario acquired the RNC shares for investment purposes and may acquire additional shares or units on the open market or through private acquisitions, or sell the shares in the future depending on market conditions, among other factors.