RENFORTH CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FINANCING AND SETTLES DEBT
Toronto – July 10, 2017 – Renforth Resources Inc. (CSE: RFR) (“Renforth” or the “Company”) announces that it has completed the third and final tranche of the previously announced private placement financing (press released June 6 and June 28, 2017) raising gross proceeds of $99,000 through the issuance of 930,000 common share units (“Common Units”) at $0.05 per Common Unit, and 1,050,000 flow-through units (“FT Units”) at $0.05 per FT Unit. Each Common Unit consists of one common share in the capital of the Company and one whole common share purchase warrant (“Common Warrant”). Each Common Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.10 for a period of 24 months following closing. Each FT Unit consists of one common share in the capital of the Company and one half common share purchase warrant (“FT Warrant”). Each FT Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.10 for a period of 18 months following closing. All securities issued under the Offering are subject to a four-month statutory hold period in Canada.
The total combined proceeds of all tranches, in the amount of $610,500, will be used for Canadian Exploration Expenses on the Company’s properties, and for working capital.
In addition to this Renforth has discharged debt in the amount of $101,700 associated with services rendered to Renforth by the President and CEO and the CFO over a period covering the most recent 6 months and including HST. This is the only compensation paid for the services rendered in the period. A total of 1,452,857 shares have been issued to discharge this debt in full, the shares were valued at $0.07 per share for this purpose and the shares are restricted for trading for a period of 4 months from issue.
Renforth Resources Inc. is a Toronto-based gold exploration company with interests in two of Canada’s gold exploration camps. In the Cadillac-Malartic Gold Camp, the Company holds the New Alger project, with an inferred resource of 237,000 ounces of gold above a depth of 200 metres contained in 3,505,000 tonnes with a grade of 2.1g/t Au using a cut-off of 0.75 g/t Au (see press release July 17, 2014) as calculated by Brian H. Newton P.Geo and Philip Burt P.Geo, which is located on the Cadillac Break outside of Cadillac, Quebec and an option to purchase 100% of the Parbec Property from Globex Mining Enterprises Inc. (GMX-TSE), a historically identified gold occurrence with more than 100 drillholes completed and a ramp into the mineralization in place located outside of Malartic, Quebec, contiguous to the Canadian Malartic open pit mine. In Ontario, the Company has a 100% interest in the Nixon-Bartleman project, located on the Porcupine-Destor fault in the West Timmins Mining area, another historic gold occurrence with a couple of old shallow pits onsite and a history of past drilling which has not yet defined the gold occurrence.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#200 – 65 Front St. E, Toronto, ON M5E 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.