(TheNewswire)
November 23, 2022 – TheNewswire - Renforth Resources Inc.(CSE:RFR) (OTC:RFHRF) (FSE:9RR) (“Renforth”or the “Company”) announces that thepreviously announced private placement has closed oversubscribed, witha total of $1,558,100 gross funds raised in a combination of flowthrough and non-flow through funds. The Company has closed the finaltranches of the previously announced non-brokered private placementfor additional gross proceeds of C$869,300 from the sale of 580,000non-flow through units of the Company at a price of C$0.035 per unitand 21,225,000 flow-through units of the Company at a price of C$0.04per flow-through unit. Each non-flow through unit consisted of onecommon 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 theholder to purchase one common share at a price of C$0.06 for a periodof 24 months following the distribution date. In connection to thistranche of the financing, the company paid a cash commission of$44,850 and issued 1,207,000 finders warrants. The finders warrantsare exercisable at a price of C$0.06 for a period of 24 months.
Renforth is currently drilling on the Company's whollyowned 330 sq km Surimeau District Property with the first drillhole atLalonde almost completed, Prop5 as noted in the map below. Logging ofthe first half of the drill hole records visual mineralization nearthe top of the hole, as anticipated based upon mapping of the strippedarea which the drill hole in undercutitng.
Technical disclosure in this press release has beenreviewed and approved by Brian H. Newton P.Geo, a “qualifiedperson” pursuant to NI 43-101.
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
Follow Renforth on Facebook, LinkedInand Instagram!
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 of the mineralization atParbec, as well as additional total metallic assay work in order tobetter contextualize the nugget effect on the goldmineralization.
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.
Copyright (c) 2022 TheNewswire - All rights reserved.