Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF) has closed its previously announced oversubscribed private placement, with a total of C$1,558,100 gross funds raised in a combination of flow through and non-flow through funds.
The company has closed the final tranches of the previously announced non-brokered private placement for additional gross proceeds of C$869,300 from the sale of 580,000 non-flow through units of the company at a price of C$0.035 per unit and 21,225,000 flow-through units of the company at a price of C$0.04 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 C$0.06 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 C$44,850 and issued 1,207,000 finders warrants.
The finders warrants are exercisable at a price of C$0.06 for a period of 24 months.
Renforth is also currently drilling on the company’s wholly owned 330km2 Surimeau District Property, Canada, stating that the first drillhole at Lalonde almost completed.
Logging of the first half of the drill hole recorded visual mineralization near the top of the hole, as anticipated by the company based upon mapping of the stripped area which the drill hole is undercutting.
To find out more, please visit www.renforthresources.com
