November 1, 2022 TheNewswire - Pickering, Ontario - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") announces that f urther to the Company's press release on October 13, 2022, the Company has completed a first closing of the announced non-brokered private placement (the "Offering") for gross proceeds of C$688,800 from the sale of 200,000 non-flow-through units of the Company (each, a "Unit") at a price of C$0.035 per Unit and 17,045,000 flow-through units of the Company (each, a "FT Unit", and collectively with the Units, the "Offered Securities") at a price of C$0.04 per FT Unit.
Each Unit consisted of one common share of the Company (each, a "Common Share") and one
common share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit consisted of
one Common Share to be issued as a "flow-through share" within the meaning of the Income Tax
Act (Canada) (each, a "FT Share") and one half of one Warrant. Each Warrant entitles the holder
thereof to purchase one Common Share at a price of C$0.06 for a period of 24 months following
the distribution date. In connection to the financing, the company paid a cash commission of $39,000 and issued 1,050,000 finders warrants. The finders warrants are exercisable at a price of C$0.06 for a period of 24 months.
Renforth will have a second closing to this financing, anticipated to occur in the next two weeks. Proceeds from this, and the next closing, will be used for drilling on Renforth's Surimeau property, specifically, the 20 km long Victoria and 9 km long Lalonde, nickel polymetallic structures. The drill program will commence in the second half of November.
For further information please contact:
President and Chief Executive Officer
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
Follow Renforth on Facebook, LinkedIn and Instagram!
Renforth is focused on Quebec's newest battery metals district, our wholly owned ~330 km 2 Surimeau District Property, which hosts several known areas of polymetallic "battery metals" mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. Additionally, the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Nixon-Bartleman property, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
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.
Copyright (c) 2022 TheNewswire - All rights reserved.