June 9, 2014, 7:40am PDT
Royal Nickel Corporation (TSX:RNX) has entered into a definitive agreement with the primary selling shareholders of True North Nickel Inc. to acquire roughly 56 percent of True North, further to its news release of June 2 2014. True North Nickel is a private company whose main asset is a wholly owned interest in the West Raglan nickel sulphide project in Quebec.
As quoted in the press release:
"The definitive agreement provides that RNC's acquisition of an approximate 56% interest in True North is for a consideration of approximately 5.6 million RNC Common Shares. Closing is conditional on 50.1% of the outstanding True North shares accepting on a fully diluted basis. Closing is anticipated on June 12, 2014, but not later than July 4, 2014.
Royal Nickel CEO, Mark Selby, said:
"We are excited to be adding True North's high grade sulphide nickel and PGM exploration targets at the West Raglan project to RNC's project portfolio. Located in northern Quebec, in an area that hosts two existing nickel mines, we believe West Raglan is a very promising exploration opportunity. With definitive agreements now signed, we look forward to having Donald McInnes and Mark O'Dea join the RNC team as director and Special Advisor, respectively, upon closing of the transaction.