Royal Nickel rallies as billionaire investor Eric Sprott controls 10% of shares again

Royal Nickel Corp (TSE:RNX) (OTCMKTS: RNKLF) rallied Wednesday after announcing in a securities filing that billionaire investor Eric Sprott once again controls 10% of the miner’s shares.

The Toronto-based company, also known as RNC Minerals, said in the securities filing that The Sprott Foundation acquired on Wednesday 6,521,000 shares on a private placement basis.

Shares climbed C$0.02, or 4.4%, to C$0.48 in Wednesday’s Canadian trading. In OTC Markets trading, they advanced US$0.01 to US$0.36.

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Eric Sprott now owns or controls 47,737,042 shares, representing 10.2% of shares outstanding.

On November 15, the foundation acquired control of 1 million shares through a purchase on the Toronto Stock Exchange, giving Eric Sprott control of 41,216,042 shares. After taking into account Royal Nickel’s prior issuance of shares, his stake dropped to 9.2% from 10.1%, according to the filing.

Last month, the company announced that it had entered into an agreement with Haywood Securities Inc on a C$9 million private placement.

Contact Dennis Fitzgerald at [email protected]
 

Story by ProactiveInvestors