(TheNewswire)
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 theannounced non-brokered private placement (the "Offering")for gross proceeds of C$688,800 from the sale of200,000 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 ofthe Company (each, a “FT Unit”, and collectively with the Units,the “Offered Securities”) at a price of C$0.04 per FTUnit.
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-throughshare” within the meaning of the Income Tax
Act (Canada) (each, a “FT Share”) and one half ofone Warrant. Each Warrant entitles the holder
thereof to purchase one Common Share at a price ofC$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 1,050,000finders warrants. The finders warrants are exercisable at a price ofC$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, andthe next closing, will be used for drilling on Renforth's Surimeauproperty, specifically, the 20 km long Victoria and 9 km long Lalonde,nickel polymetallic structures. The drill program will commence in thesecond half of November.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B – 955 Brock Road, Pickering ON L1W2X9
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About Renforth
Renforth is focused on Quebec's newest battery metalsdistrict, our wholly owned ~330 km 2 SurimeauDistrict Property, which hosts several known areas of polymetallic"battery metals" mineralization, each with various levels ofexploration, as well as a significant amount of unexplored ground.Victoria West has been drilled over a strike length of 2.2km, within a5km long mineralized structure, proving nickel, copper, zinc andcobalt mineralization, in the western end of a 20km magnetic anomaly.The Huston target, during initial reconnaissance, resulted in a grabsample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag.Additionally, the Lalonde, Surimeau and Colonie Targets are allpolymetallic mineralized occurrences which, along with various goldshowings, comprise the areas of potential of this NSR freeproperty.
In addition to the Surimeau District battery metalsproperty Renforth wholly owns the Parbec Gold deposit, a surface golddeposit contiguous to the Canadian Malartic Mine property in Malartic,Quebec. In 2020/21 Renforth completed 15,569m of drilling whichsuccessfully twinned certain historic holes, filled in gaps in theresource model with newly discovered gold mineralization and extendedmineralization deeper. Based upon the success of this significantdrill program the Company considers the spring 2020 MRE, with aresource estimate of 104,000 indicated ounces of gold at a grade of1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/tAu to be out of date. With the new data gained Renforth will undertaketo complete the first ever structural study ofthe mineralization at Parbec, as well as additional total metallicassay work in order to better contextualize the nugget effect on thegold mineralization.
Renforth also holds the Nixon-Bartleman property, westof Timmins Ontario, with gold present on surface over a strike lengthof ~500m.
No securities regulatory authorityhas approved or disapproved of the contents of this newsrelease.
Forward Looking Statements
This news release contains forward-looking statementsand 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 wordsreferring to future events and results. Such statements andinformation are based on the current opinions and expectations ofmanagement. All forward-looking information is inherently uncertainand subject to a variety of assumptions, risks and uncertainties,including the speculative nature of mineral exploration anddevelopment, fluctuating commodity prices, the risks of obtainingnecessary approvals, licenses and permits and the availability offinancing, as described in more detail in the Company’s securitiesfilings available at www.sedar.com. Actual events or results maydiffer materially from those projected in the forward-lookingstatements and the reader is cautioned against placing undue reliancethereon. Forward-looking information speaks only as of the date onwhich it is provided and the Company assumes no obligation to reviseor update these forward-looking statements except as required byapplicable law.
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