Sudbury Platinum to Acquire 100% of Royal Nickel’s Aer-Kidd Project

Royal Nickel Corporation (TSX:RNX) announced that Sudbury Platinum Corporation intends to exercise its right of first refusal to purchase CaNickel Mining Company Limited’s (TSX:CML) 100% interest in the Aer-Kidd Project for a cash payment of $1,250,000. Sudbury Platinum Corporation is a private company which Royal Nickel holds interest in.

As quoted in the press release:

SPC and Transition Metals Corp. (Transition) also announced that SPC has closed a non-brokered private placement for gross proceeds of $637,500. SPC issued 1,720,000 units and 830,000 flow through shares each at a price of $0.25. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase an additional common share in SPC at $0.45 for a period of eighteen months. Transition Metals Corp. currently owns 57% of SPC and RNC owns approximately 23% of SPC.

Royal Nickel president and CEO, Mark Selby, said:

I am very excited that SPC has decided to purchase CaNickel’s 100% interest in the Aer-Kidd Project after identifying some very compelling exploration targets. The acquisition will, when executed, simplify the ownership structure from the current Option and JV arrangement and simplify plans to advance the project. RNC continues to be enthusiastic about Aer-Kidd’s untested potential given its location on the Worthington offset dyke between known high grade Ni-Cu-PGE resources at the Totten mine (Vale) and the Victoria project (KGHM).

Click here to read the Royal Nickel Corporation (TSX:RNX) press release