PICKERING, ON / ACCESSWIRE / September 26, 2019 / Renforth Resources Inc. (CSE:RFR) (OTC Pink:RFHRF) ("Renforth" or the "Company") has completed a second closing of the previously announced private placement with the issuance of 1,240,000 common share units, each unit priced at $0.05 and consisting of one common share and one warrant to acquire an additional common share at a price of $0.075 for a period of 24 months, and 766,670 flow through share units, each unit priced at $0.06 and consisting of one share issued on a "flow-through" basis and one warrant to acquire an additional common share at a price of $0.10 for a period of 24 months, for a total raised in this closing of $108,000. A commission totaling $2,760 in cash and a total of 52,000 broker warrants was paid pursuant to this closing.
The proceeds from the two closings are funding the new 43-101 reports underway regarding Renforth's wholly owned New Alger and Parbec projects, as previously announced, and further thin section work at Parbec. Renforth anticipates a third and final closing in mid-October, those funds will be used for a drilling program at New Alger focussed on the never before drilled "Discovery Vein" where stripping over 270m has exposed gold on surface, to date 53 channel samples have been cut in blue/black quartz veining, approximately 250m south of the historic Thompson-Cadillac Mine on the Cadillac Break at New Alger, within the Pontiac Sediments.
Technical disclosure in this press release has been reviewed and approved by Brian H. Newton P.Geo, a "qualified person" pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#269 - 1099 Kingston Road, Pickering ON L1V 1B5
Renforth Resources Inc. is a Toronto-based gold exploration company with five wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the New Alger and Parbec properties, in the Cadillac and Malartic gold camps respectively, with gold present at surface and to some depth, located on the Cadillac Break. In both instances additional gold bearing structures, other than the Cadillac Break, have been found on each property and require additional exploration. Renforth also holds Malartic West, contiguous to the western boundary of the Canadian Malartic Mine property, located in the Pontiac Sediments, this property is gold bearing and was the recent site of a copper discovery. In addition to this Renforth has optioned the wholly owned Denain-Pershing gold bearing property, located near Louvicourt, Quebec, to O3 Mining Inc.
In Ontario Renforth holds the Nixon-Bartleman surface gold occurrence west of Timmins Ontario, drilled, channeled and sampled over 500m - this historic property also requires additional exploration to define the extent of the mineralization.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may', ‘will', ‘plan', ‘expect', ‘believe', ‘anticipate', ‘estimate', ‘intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.