15:48:08 EDT Fri 26 Apr 2024
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Renforth Resources closes $1.55M private placement

2022-11-23 11:35 ET - News Release

Ms. Nicole Brewster reports

RENFORTH RAISES AN OVERSUBSCRIBED TOTAL OF $1,558,100

Renforth Resources Inc.'s previously announced private placement has closed oversubscribed, with a total of $1,558,100 gross funds raised in a combination of flow-through and non-flow-through finances. The company has closed the final tranches of the previously announced non-brokered private placement for additional gross proceeds of $869,300 from the sale of 580,000 non-flow through units of the company at a price of 3.5 cents per unit and 21,225,000 flow-through units of the company at a price of four cents per flow-through unit. Each non-flow-through unit consisted of one common share of the company and one common share purchase warrant. Each flow-through unit consisted of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant entitles the holder to purchase one common share at a price of six cents for a period of 24 months following the distribution date. In connection to this tranche of the financing, the company paid a cash commission of $44,850 and issued 1,207,000 finders' warrants. The finders' warrants are exercisable at a price of six cents for a period of 24 months.

Renforth is currently drilling on the company's wholly owned 330-square-kilometre Surimeau District property with the first drill hole at Lalonde almost completed. Logging of the first half of the drill hole records visual mineralization near the top of the hole, as anticipated based upon mapping of the stripped area which the drill hole in undercutting.

About Renforth Resources Inc.

Renforth is focused on Quebec's newest battery metals district, its wholly owned approximately 330-square-kilometre 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.

We seek Safe Harbor.

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