Renforth Closes Second Tranche of Private Placement Financing
22 December 2012 - 8:27AM
Marketwired Canada
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Renforth Resources Inc. (CNSX:RFR) ("Renforth" or the "Company") announces that
it has completed a second tranche of its non-brokered private placement
financing (the "Offering") raising an additional $75,000 through the issuance of
1,500,000 of flow-through common units ("Flow-Through Units"). Together with the
closing of the first tranche (see the Company's press release dated December 18,
2012), Renforth has raised aggregate gross proceeds of $287,500 through the
issuance of 2,250,000 units ("Units") at $0.05 per Unit and 3,500,000
Flow-Through Units at $0.05 per Flow-Through Unit. Each Unit consists of one
common share in the capital of the Company and one-half of one common share
purchase warrant. Each whole warrant entitles the holder to purchase one common
share in the capital of the Company at a price of $0.05 for a period of 12
months following closing. Each Flow-Through Unit consists of one common share in
the capital of the Company issued on a 'flow-through' basis, and one-half of one
common share purchase warrant. Each whole warrant entitles the holder to
purchase one common share in the capital of the Company at a price of $0.07 for
a period of 12 months following closing.
In connection with the Offering, the Company issued 52,500 compensation warrants
to an arm's length third party for services rendered to the Corporation in
respect of the Offering. Each compensation warrant is exercisable, for 12
months, for one common share of Renforth at $0.07 per share.
The proceeds raised under the second tranche of the Offering will be used for
Canadian Exploration Expenses on the Company's properties.
All securities issued under the Offering are subject to a four-month statutory
hold period in Canada.
ABOUT RENFORTH
Renforth Resources Inc. is a Toronto-based exploration company pursuing the
development of the Company's Mink Lake Gold Project in the Red Lake area of
Northwestern Ontario. In addition to this the Company also holds the New Alger
property, located in the Cadillac Break mining camp in Quebec, a historically
productive gold property.
FOR FURTHER INFORMATION PLEASE CONTACT:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
(416) 368.5049
(416) 368.3151 (FAX)
nicole@renforthresources.com
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