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03:21 PM EDT, 05/03/2016 (MT Newswires) -- Royal Nickel (RNX.TO) on Tuesday said that it has entered into an agreement with Haywood Securities and Beacon Securities, as co-lead underwriters for a bought deal purchase of more than 17 million shares at a price of $0.51 per share for gross proceeds of $8.7 million.
The company has granted the underwriters an option to purchase up to an additional 15% of the offering to cover over-allotments, if any. The offering is expected to close on or about May 26, 2016 and is subject to Royal Nickel receiving all necessary regulatory approvals.
Net proceeds will be used for exploration and development of Royal Nickel's Beta Hunt mine, as well as for working capital and general corporate purposes.
