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RNC Minerals raises C$9.2M to advance Beta Hunt nickel project

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RNC Minerals raises C$9.2M to advance Beta Hunt nickel project

RNC Minerals closed a previously announced bought-deal private placement, raising approximately C$9.2 million, it said Sept. 23.

The underwriters, led by Haywood Securities Inc., purchased 27,059,500 RNC units at 34 cents apiece, including the full exercise of the over-allotment option.

As reported earlier, proceeds will be put toward the continued ramp-up and development of the company's Beta Hunt nickel-gold mine in Western Australia, as well as for working capital and general corporate purposes.

The company recently changed its name to RNC Minerals from Royal Nickel Corp. to reflect its transition "from a single asset development company into growing multi-asset gold, nickel and copper producer."