Royal Nickel aims to fund Dumont mine through IPO

Dec 17, 2010 | 12:18 PM |

Royal Nickel Corp. completed an initial public offering (IPO) Thursday that will help finance the Dumont nickel sulfide deposit in the Val d'Or region of Quebec.

Gross proceeds totaled C$45 million ($44.41 million) and will be used for 2011-12 activities including drilling, metallurgical testing, preparation and a preliminary feasibility study and general administrative costs for the Dumont project.

The company had originally anticipated raising between C$60 million and $C100 million (AMM, Aug. 2).

Royal Nickel, which is led by a team of former Inco Ltd. executives, says the Dumont deposit could produce 65,000 tonnes of nickel annually for at least 25 years, which would make it the fourth-largest such asset in the world. ....

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