TORONTO, June 16, 2020 /CNW/ – RNC Minerals (“RNC” or the “Corporation”) (TSX: RNX) is pleased to announce that effective Wednesday, June 17, 2020, the Corporation’s common shares and warrants will commence trading on the Toronto Stock Exchange (the “TSX“) under the Corporation’s new name, Karora Resources Inc., and its new trading symbols “KRR” and “KRR.WT”, respectively.
As described in RNC’s management information circular dated May 8, 2020 available through its SEDAR profile at www.sedar.com, the Corporation believes that the new name more accurately reflects its business focus on growing gold production in Western Australia – the Fraser Institutes top ranked mining jurisdiction for investment worldwide in 2019. On June 15, 2020,
the Corporation filed Articles of Amendment to change its name from
“Royal Nickel Corporation” to “Karora Resources Inc.” (the “Name Change“).
The shareholders of the Corporation overwhelmingly approved the Name
Change at the Corporation’s annual and special meeting of shareholders
held on June 11, 2020. The Name Change is effective as of June 15, 2020.
Table 1: New TSX Stock Symbols and Identification Codes Effective June 17, 2020
Old Symbol
New Symbol
New CUSIP
New ISIN
Common Shares
RNX
KRR
48575L107
CA48575L1076
Common Share Purchase Warrants
RNX.WT
KRR.WT
48575L115
CA48575L1159
Effective June 17, 2020, the Corporation’s new US OTCQX trading symbol will be “KRRGF” for its common shares.
About the Corporation The Corporation is focused on growing gold production and reducing costs at its integrated Beta Hunt Gold Mine (the “Beta Hunt Mine“) and Higginsville Gold Operations (“HGO“) in Western Australia.
The Higginsville treatment facility is a low-cost 1.4 Mtpa processing
plant which is fed at capacity from the Corporation’s underground Beta
Hunt Mine and open pit HGO mine. At the Beta Hunt Mine, a robust gold
mineral resource and reserve is hosted in multiple gold shears, with
gold intersections along a 4 km strike length remaining open in multiple
directions. HGO has a substantial historical gold resource and highly
prospective land package totaling approximately 1,800 square kilometers.
In addition, the Corporation has a 28% interest in a nickel joint
venture that owns the Dumont Nickel-Cobalt Project located in the
Abitibi region of Quebec. Dumont
contains the second largest nickel reserve and ninth largest cobalt
reserve in the world. The Corporation has a strong board of directors
and management team focused on delivering shareholder value.
For more information on Beta Hunt and the Higginsville Gold Operation, Follow the links below to the Insidexploration Research Reports
This news release contains “forward-looking information” including
without limitation statements relating to the liquidity and capital
resources of the Corporation, production guidance and the potential of
the Beta Hunt Mine, HGO and Dumont Nickel Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially
different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Factors that could affect
the outcome include, among others: future prices and the supply of
metals; the results of drilling; inability to raise the money necessary
to incur the expenditures required to retain and advance the properties;
environmental liabilities (known and unknown); general business,
economic, competitive, political and social uncertainties; results of
exploration programs; accidents, labour disputes and other risks of the
mining industry; political instability, terrorism, insurrection or war;
or delays in obtaining governmental approvals, projected cash operating
costs, failure to obtain regulatory or shareholder approvals. For a more
detailed discussion of such risks and other factors that could cause
actual results to differ materially from those expressed or implied by
such forward-looking statements, refer to the Corporation’s filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and the
Corporation disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
results or otherwise, except as required by applicable securities laws.
Cautionary Statement Regarding the Higginsville Mining Operations A production decision at HGO was made by previous operators of the mine, prior to the completion of the acquisition of HGO by the Corporation and the Corporation made a decision to continue production subsequent to the acquisition. This decision by the Corporation to continue production and, to the knowledge of the Corporation, the prior production decision were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Corporation’s cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
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