Renforth Resources Inc. (CSE:RFR) is pleased to announce that a total of $777,700 has been raised to fund 2020 drilling.
Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (“Renforth” or the “Company”) is pleased to announce that a total of $777,700 has been raised via the sale of common and flow through shares from treasury, this will fund drilling, to commence in January 2020, at Renforth’s wholly owned New Alger Gold Property, located on the Cadillac Break in the Cadillac Mining Camp of Quebec’s Abitibi.
Funds were raised by the sale of 550,000 common share units priced at $0.05 per unit, with each unit consisting of one common share and one common share purchase warrant, each warrant entitling the holder to purchase a common share at a price of $0.075 for a period of 24 months from closing. In addition, 12,503,334 flow-through units, priced at $0.06 each, were sold, each unit consisting of one share issued on a flow-through basis and one common share purchase warrant, allowing the holder to purchase a common share for a period of 24 months after closing at an exercise price of $0.10.
Renforth has commenced planning the January 2020 program, a follow up to the successful 2057m, 10 drill hole, November 2019 program which discovered a new gold bearing zone within the Cadillac Break at New Alger. Assay results from this program are still pending, however, this does not hold up planning the next program which will, in general terms, continue to advance westwards on the property.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
Renforth Resources Inc. is a Toronto-based gold exploration company with five wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the New Alger and Parbec properties, in the Cadillac and Malartic gold camps respectively, with gold present at surface and to some depth, located on the Cadillac Break. In both instances additional gold bearing structures, other than the Cadillac Break, have been found on each property and require additional exploration. Renforth also holds Malartic West, contiguous to the western boundary of the Canadian Malartic Mine property, located in the Pontiac Sediments, this property is gold bearing and was the recent site of a copper discovery. In addition to this Renforth has optioned the wholly owned Denain-Pershing gold bearing property, located near Louvicourt, Quebec, to O3 Mining Inc.
In Ontario Renforth holds the Nixon-Bartleman surface gold occurrence west of Timmins Ontario, drilled, channeled and sampled over 500m – this historic property also requires additional exploration to define the extent of the mineralization.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.