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RFR Renforth Resources Inc

0.02
0.005 (33.33%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Renforth Resources Inc CSE:RFR CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.005 33.33% 0.02 0.015 0.02 0.02 0.02 0.02 255,000 14:30:00

Renforth Closes Private Placement Financing

18/12/2012 8:18pm

Marketwired Canada


THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES


Renforth Resources Inc. (CNSX:RFR) ("Renforth" or the "Company") announces that
it has completed a non-brokered private placement financing (the "Offering") of
units ("Units") and flow-through common units ("Flow-Through Units") for
aggregate gross proceeds of $212,500. Under the Offering, Renforth issued
2,250,000 Units at $0.05 per Unit and 2,000,000 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.


The proceeds raised under the Offering will be used for Canadian Exploration
Expenses on the Company's properties and for working capital purposes. 


As part of the closing of the Offering, certain officers and a director of
Renforth subscribed for an aggregate of 400,000 Flow-Through Units. Pursuant to
Multilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"), the issuance of the Flow-Through Units to
such officers and director of Renforth constitute "related party transactions".
The Company is exempt from obtaining both a formal valuation and minority
shareholder approval because neither the fair market value of the Flow-Through
Units issued to such officers and director of Renforth, nor the consideration
for such securities, exceeds 25% of the Company's market capitalization as
calculated in accordance with MI 61-101. 


All securities issued under the Offering are subject to a four-month statutory
hold period in Canada expiring April 17, 2013.


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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