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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 | 33.33% | 0.02 | 0.015 | 0.02 | 0.02 | 0.02 | 0.02 | 250,000 | 14:30:00 |
Renforth Resources Inc. (CNSX:RFR) ("Renforth" or the "Company") is pleased to announce the closing of a private placement offering for aggregate gross proceeds of $460,000. The Company issued 6,133,334 Units at a price of $0.075 per Unit. Each Unit is comprised of one flow-through share and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share of the Company at a price of $0.12 per share for a period of 24 months from closing. A finder's fee equal to 8% of the gross proceeds raised, in addition to the issuance of a number of Broker Warrants equal to 8% of the number of Units issued, was paid to qualifying arms length finders totaling $36,800 and 490,666 Broker Warrants. Each Broker Warrant entitles the holder to acquire one additional non flow-through common share of the Company at a price of $0.12 for a period of 12 months. Proceeds from the financing will be allocated towards the planned exploration and drill program at the Company's New Alger gold project in Quebec in late November and December of 2010. The offering was made to residents of Canada in reliance upon applicable exemptions from registration and prospectus requirements. The closing of the flow-through private placement remains subject to the receipt of all required regulatory approvals, including the approval of the Canadian National Stock Exchange (CNSX). All securities issued or to be issued pursuant to the offering are or will be subject to a hold period of four months from the date of closing About Renforth Renforth Resources Inc. is a Toronto-based diamond, base metals and precious metals exploration company with significant concessions in the McFaulds Lake "Ring of Fire" discovery area of north-eastern Ontario as well as Spain. Renforth has five diamondiferous kimberlites referred to as the Kyle kimberlites: two are at the commercial bulk-sampling stage; the remaining three are targeted for specific follow-up drilling and economic evaluation. Additional mineral claims lie between ten and twenty kilometres from Noront Resources Ltd.'s recent base metal discoveries at its Double Eagle Project. The Company also has now acquired the Mina Maria Luisa project located in Southwestern Spain, approximately 30 kilometres from the Aguas Tenidas Mine. Renforth intends to drill targets at Mina Maria Luisa in 2011, and also has significant planned drilling of the New Alger Gold project located in Quebec in late 2010.
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