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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 | 50.00% | 0.015 | 0.01 | 0.015 | 0.015 | 0.015 | 0.015 | 2,000 | 14:30:00 |
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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