|By PR Newswire||
|August 8, 2014 03:35 PM EDT||
TORONTO, Aug. 8, 2014 /CNW/ - Royal Nickel Corporation ("RNC") (TSX: RNX) is pleased to report its review of activities and financial results for the quarter ended June 30, 2014. All amounts are expressed in Canadian dollars, unless otherwise noted, and are based on the unaudited condensed consolidated interim financial statements for the three months ended June 30, 2014, unless otherwise noted.
Mark Selby, President & CEO, commented, "Solid progress was made during the second quarter, including advancing the permitting process and initiating detailed engineering work at our Dumont project. I am also very pleased RNC has gained additional nickel exposure through the acquisition of interests in two very exciting highly prospective nickel-copper-PGE exploration opportunities at the Aer-Kidd property in the Sudbury basin and the West Raglan project in Northern Quebec. The progress at Dumont and the addition of advanced exploration opportunities further enhances RNC's exposure to our expectation of very strong nickel market conditions over the next several years."
SECOND QUARTER AND RECENT HIGHLIGHTS
- On April 2, 2014, RNC announced the publication of the Dumont Nickel Project's Environmental and Social Impact Assessment (ESIA) by the Quebec Ministry of Sustainable Development, Environment, Wildlife and Parks through the agency of the Bureau d'audiences publiques sur l'environnement (BAPE). This is an important step in the permitting process. The BAPE's public information and consultation processes were completed in May and June and the BAPE's report is expected in September 2014. RNC continues to expect receipt of the main permit before the end of 2014.
- On April 14, 2014, RNC announced it had gained exposure to the highly prospective Aer-Kidd nickel-copper-platinum group metals project in Sudbury through the acquisition of a 25% interest in Sudbury Platinum Corporation for cash consideration of $1.5 million.
- On May 29, 2014, RNC announced that it had awarded a contract to Ausenco Limited to begin detailed engineering on long lead equipment for the Dumont Nickel Project.
- On June 18, 2014, RNC announced that it had closed the transaction to acquire an approximate 56% interest in True North Nickel Inc., a private company the main asset of which is a 100% interest in the West Raglan nickel sulphide project in Quebec.
- On July 11, 2014, RNC announced that it had closed its previously announced public offering of units ("Units"). Pursuant to the offering, RNC issued 8,340,000 Units at a price of $0.60 per Unit for aggregate gross proceeds of $5.0 million. Each Unit is comprised of one common share of RNC and one-half of one common share purchase warrant. Each whole warrant is exercisable at a price of $0.80 and entitles the holder to acquire one common share of RNC on or before July 11, 2016.
- On July 17, 2014, RNC announced that the underwriters of its public offering of 8,340,000 Units that closed on July 11, 2014, had exercised their over-allotment option and have purchased an additional 1,251,000 Units at a purchase price of $0.60 per Unit. The gross proceeds to RNC resulting from the exercise of the over-allotment option were $0.75 million, for total gross proceeds from the offering of $5.75 million.
- On July 29, 2014, RNC announced that the NI 43-101 compliant technical report for the West Raglan Project had been filed under RNC's profile on SEDAR at www.sedar.com.
- RNC incurred a net loss of $3.0 million ($0.03 per share) for the three months ended June 30, 2014, compared to a net loss of $1.9 million ($0.02 per share) for the same period in 2013.
Targeted Future Milestones
Royal Nickel has the following targeted key milestones to achieve the development of the Dumont Nickel Project:
- Completion of partnership and financing arrangements;
- Receipt of main permit during the second half of 2014;
- Estimated construction schedule of 22 months post successful permitting and securing financing;
- Assuming permits and financing in place by the end of 2014, project commissioning is targeted to begin in the second half of 2016 followed by production ramp-up.
For the three months ended June 30, 2014, RNC incurred a net loss of $3.0 million ($0.03 per share), compared to a net loss of $1.9 million ($0.02 per share) in the same period in 2013. The increased net loss is due primarily to higher general and administrative expenses of $1.2 million offset partially by a lower deferred income tax expense of $0.2 million. The increase in general and administrative expenses is due primarily to a higher non-cash share-based payments expense of $1.1 million, which includes a higher vesting expense of $0.8 million and a mark-to-market expense increase for outstanding cash-settled share-based grants under RNC's Share Incentive Plan of $0.3 million. The higher vesting expense reflects the grant of approximately 4.4 million share purchase options in the quarter, 2.3 million of which vested immediately. The increase in the mark-to-market expense reflects an increase in RNC's share price from $0.47 as at March 31, 2014, to $0.63 as at June 30, 2014.
Highlights of RNC's financial position are as follows (in millions of dollars):
|June 30, 2014||December 31, 2013|
Tax credits receivable3
Equity attributable to RNC shareholders
1 Includes Cash and Cash equivalents.
2 Working capital is a measure of current assets less current liabilities
3 Current portion of tax credits receivable is $0.6 million (2013: $3.3 million) and non-current portion is $0.1 million (2013: $0.2 million)
About Royal Nickel Corporation
Royal Nickel Corporation is a mineral resource company focused primarily on the acquisition, exploration, evaluation and development of base metal and platinum group metal properties. RNC's principal asset is the Dumont Nickel Project strategically located in the established Abitibi mining camp, in the municipalities of Launay and Trécesson, 25 kilometres northwest of Amos, Quebec. RNC also owns interests in two advanced stage nickel exploration properties: the Aer-Kidd project near Sudbury, Ontario and the West Raglan project in northern Quebec. RNC has a strong management team and Board with over 100 years of mining experience in the nickel business at Inco and Falconbridge. RNC's common shares and warrants trade on the TSX under the symbols RNX and RNX.WT.
Cautionary Statements Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the outlook for the nickel market, key milestones for 2014 to 2016, including timing of receipt of the main permit and the potential of the Aer-Kidd and West Raglan projects.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Dumont, or any of RNC's other property interests, will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities at Dumont and exploration activities at Aer-Kidd and West Raglan; project delays; inability to raise the funds necessary to achieve the milestones or complete development of Dumont and inability to raise the funds necessary to advance exploration activities; general business, economic, competitive, political and social uncertainties; future prices of metals; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities. 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 RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC 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 RNC 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.
SOURCE Royal Nickel Corporation
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 30, 2017 02:15 AM EDT Reads: 4,091
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 30, 2017 01:30 AM EDT Reads: 2,615
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 30, 2017 01:15 AM EDT Reads: 1,214
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Mar. 30, 2017 01:00 AM EDT Reads: 8,305
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 30, 2017 12:45 AM EDT Reads: 657
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 30, 2017 12:30 AM EDT Reads: 1,524
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Mar. 30, 2017 12:15 AM EDT Reads: 3,565
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 29, 2017 11:45 PM EDT Reads: 3,219
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 29, 2017 09:30 PM EDT Reads: 2,457
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 29, 2017 07:30 PM EDT Reads: 921
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Mar. 29, 2017 06:30 PM EDT Reads: 2,763
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Mar. 29, 2017 05:15 PM EDT Reads: 3,835
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 29, 2017 04:30 PM EDT Reads: 1,708
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 29, 2017 04:15 PM EDT Reads: 3,920
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 29, 2017 04:00 PM EDT Reads: 3,248