Toronto, Ontario - January 26, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Eric Sprott announces that between January 19 and January 25, 2018, he sold (through his holding company, 2176423 Ontario Ltd.) over the Toronto Stock Exchange, 5,151,500 common shares (representing approximately 1.67% of the outstanding shares) of Royal Nickel Corporation (doing business as RNC Minerals). The shares were sold at an average price of approximately $0.3447 per share for total consideration of $1,775,814. This press release is being issued pursuant to Canadian early warning requirements because Mr. Sprott's beneficial holdings of shares has decreased to less than 10% of outstanding shares of RNC Minerals.
Mr. Sprott now beneficially owns and controls 22,378,500 shares and 9,265,000 common share purchase warrants, representing approximately 7.27% of the outstanding shares of RNC Minerals on a non-diluted basis and 9.98% assuming exercise of the warrants. Prior to the foregoing sales, he beneficially owned and controlled 27,530,000 shares and 9,265,000 warrants, representing approximately 8.94% of the outstanding shares of RNC Minerals on a non-diluted basis and 11.60% assuming exercise of the warrants.
The shares were sold for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
RNC Minerals is located at 357 Bay Street, Suite 800, Toronto, Ontario, M5H 2T7. A copy of 2176423 Ontario Ltd.'s early warning report will appear on RNC's profile on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7172.
2176423 Ontario Ltd.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1
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