Royal Nickel Corporation (TSX:RNX) announced it has signed an investment agreement with Ressources Québec.
As quoted in the press release:
Under the terms of the agreement, Ressources Québec has acquired an interest in the Dumont Nickel Project (“Dumont”) and will have the right to receive 0.8% of the net smelter return in the project in exchange for a purchase price of $12 million.
RNC’s President and CEO, Tyler Mitchelson said:
Ressources Québec’s investment in Dumont demonstrates their confidence in the project and is an example of Quebec’s commitment to the responsible development of its resource sector. This investment by Ressources Québec supports our continued momentum as we work toward delivery of a full feasibility study for Dumont by mid-2013. In addition to our existing working capital, this financing should provide sufficient capital for RNC to complete the feasibility study and continue our permitting work.