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RNC Minerals to raise C$18M to develop Beta Hunt, fund Higginsville integration

RNC Minerals said Aug. 26 that it entered into a bought deal agreement with a syndicate of underwriters led by Haywood Securities Inc. to raise gross proceeds of C$18.0 million for the continued ramp up of production at Beta Hunt gold project and integration with Westgold Resources Ltd.'s Higginsville gold operation in Western Australia.

Some of the proceeds will be used for working capital and general corporate purposes.

The offering of 45.0 million common shares priced at 40 cents apiece is expected to be closed on or about Sept. 19.

RNC Minerals granted the underwriters an over-allotment option, exercisable at the issue price for 30 days following the closing of the offering, to purchase up to 6,750,000 additional common shares or 15% of the offering, to cover any over-allotments or for market stabilization reasons.

In March, the company targeted to raise C$12 million to develop its Beta Hunt gold mine and to fund its proposed acquisition of the Higginsville gold project.