RNC Minerals announced that the second phase of the Beta Hunt Mine sale process has been completed, with the selection of a preferred bidder.
RNC has granted exclusivity to this bidder to allow for completion of the final phase of the sale process (final due diligence, settlement of definitive documents, and all other steps related to the closing and completion of the transaction, which RNC expects will occur in August 2018).
Mark Selby, President and CEO of RNC, commented, “With the expected completion of the sale of the Beta Hunt Mine, we look forward to focusing on the advancement of the Dumont Nickel-Cobalt Project, which contains the world’s largest undeveloped reserves of nickel and second largest undeveloped reserves of cobalt.”
The sale process for RNC’s 100% owned Beta Hunt Mine (announced March 22, 2018), is being led by financial advisors PCF Capital Group and Haywood Securities Inc.
RNC notes that there can be no assurance that the sale process will result in a completed transaction or that, if a transaction is undertaken, as to final terms and timing.
Source: Company Press Release