Renforth Closes First Tranche of Financing for $137,000admin
Renforth Closes First Tranche of Financing for $137,000
Toronto, Ontario CANADA, December 04, 2013 /FSC/ – Renforth Resources Inc. (RFR – CNSX),(“Renforth” or the “Company”) is pleased to announce the closing of the first tranche of its previously announced private placement offering (the “Offering”) (see the Company’s news release dated November 11, 2013) issuing 137 units (“Units”) at $1,000 per Unit for aggregate gross proceeds of $137,000.
Each Unit consists of 4,000 common shares of the Company (“Shares”), 11,500 common shares of the Company issued on a “flow-through” basis (“Flow-Through Shares”) and 8,000 Share purchase warrants (each warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Share at a price of $0.10 up to November 29, 2014. In aggregate the Company issued 548,000 Shares, 1,575,500 Flow-Through Shares and 1,096,000 Warrants.
The aggregate proceeds raised under the Offering will be used, among other things, to conduct exploration on the Company’s New Alger Property, focusing on the Thompson-Cadillac Mine Deposit.
In connection with the closing of the first tranche of the Offering, the Company will pay to certain finders (“Finders”) an aggregate cash commission of $9,590 and will issue to the Finders warrants to acquire up to an aggregate of 84,940 Shares at $0.10 per share for a period of 12 months following the date of issuance.
Renforth Resources Inc. is a Toronto-based exploration company with interests in two exploration assets: the previously productive New Alger property, located in the Cadillac Break Mining Camp, Quebec, and the Mina Pilar Project, located SW of Madrid Spain ,also a historic producer of gold.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
T: (416) 368.5049 F: (416) 368.3151
No securities regulatory authority has approved or disapproved of the contents of this news release.
To view the press release as a PDF file, please click on the following link:
Source: Renforth Resources Inc. (CNSX: RFR)
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Posted: December 4th, 2013 under FSCWIRE.