RNC Minerals (TSX:RNX) entered into an agreement to acquire Higginsville Gold Operations of Westgold Resources Limited (ASX:WGX) for AUD 45.1 million on May 13, 2019. RNC Minerals will pay AUD 25 million in cash and will issue 49.8 million shares of worth AUD 21 million. The cash component will be financed through cash on hand and additional non-dilutive capital. As of May 13, 2019, subsequent to the end of the first quarter of 2019, RNC closed AUD 12 million bought deal financing to assist in funding exploration activities, the proposed acquisition of the Higginsville Gold operations from Westgold Resources Limited and general corporate purposes. It is anticipated that all employees will retain their jobs and any accrued benefits through the process of changing ownership. The net proceeds received by the RNC Minerals from the offering will be used for the event that the it closes the proposed acquisition of the Higginsville Gold Operations from Westgold Resources Limited, to fund a portion of the cash component of the purchase price, and for working capital and general corporate purposes. Completion is expected to take place on June 10, 2019. PCF Capital Group Pty Ltd appointed as financial adviser to Westgold Resources Limited. Jeremy Wickens, Ellen Laughton, Rebecca Hoare, Gavin Scott, Troy McKelvie, Robert Murphy, Emily Davies and Ellen Vincent of Norton Rose Fulbright acted as legal advisors to Royal Nickel Corporation.

RNC Minerals (TSX:RNX) completed the acquisition of Higginsville Gold Operations of Westgold Resources Limited (ASX:WGX) for AUD 55.8 million on June 10, 2019. RNC Minerals will pay AUD 25 million in cash and will issue 56.9 million shares. The cash portion was funded by a new senior secured CAD 35 million (AUD 37.9 million) debt facility entered into by RNC Minerals.