2176423 Ontario Ltd. acquired 18,530,000 units of RNC ("Unit") on September 23, 2016 through the bought deal private placement offering. Each Unit consists of one RNC common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). In addition, 2176423 Ontario Ltd. acquired 9,000,000 RNC common shares as part of a separate transaction facilitated by the underwriters on September 23, 2016. In total, 2176423 Ontario Ltd. now holds 27,530,000 common shares and 9,265,000 Warrants, or 10% of the issued and outstanding common shares of RNC on a non-diluted basis and approximately 13% on a partially diluted basis.
Mark Selby, President and CEO of RNC commented, "RNC is pleased to welcome Eric Sprott, one of the world's premiere gold investors, as our largest shareholder. We are excited to have his support as RNC works to unlock the potential at Beta Hunt and focus on value creation across our portfolio of assets."
Eric Sprott commented, "I look forward to being a supportive shareholder and participating in RNC's growth as it continues to ramp up gold production at its Beta Hunt mine in Western Australia. I am also looking forward to seeing the mine unlock its excellent exploration potential to grow the existing gold resource base."
The common shares and Units were acquired by 2176423 Ontario Ltd. for investment purposes. 2176423 Ontario Ltd.
- Source, Junior Mining Network