Renforth Resources Inc (CSE:RFR, OTCQB:RFHRF) said it had raised C$1,376,260 from a private placement to fund exploration at its projects, including a helicopter-borne survey at its Surimeau district battery metals project and additional assays at its Parbec gold deposit, both in Quebec.
The junior resource group also reported that the final drilling this year had now been completed at the Victoria West target at Surimeau with seven holes sunk within the stripped area. Each hit visible sulphides and samples have been sent for assay.
"We are happy to have raised a judicious amount of money pursuant to requests from shareholders which we will immediately deploy in continuing our, to date, successful exploration on both our wholly-owned gold deposit contiguous to Canadian Malartic, Parbec, which has a structural setting and lithological similarity to our neighbor, and on our Surimeau District Property," said Nicole Brewster, CEO of Renforth in a statement.
READ: Renforth Resources following up on successful stripping program at Surimeau with drilling
"At Surimeau we will work to extend and deepen the polymetallic 'future-facing' minerals in the Victoria West area of our vast, >260 km 2, wholly-owned and road-accessible battery metals property, also contiguous to Canadian Malartic. We look forward to a New Year filled with new results and exciting field activities on our properties and, with some success, continued asset growth," Brewster added.
Renforth said it issued 13.75 million flow-through common units and 14,000 common units in the private placement with the proceeds to be used for a helicopter-borne electromagnetic geophysical survey at Surimeau, which will result in consistent detailed geophysical information for Victoria West, Colonie and LaLonde and to pay for interpretation of exploration results.
Elsewhere, at Parbec, the funds will be used to "deliver a structural site characterization", the first phase of which will be in January 2022.
This process will dictate, through gap analysis, the next steps Renforth will take in working to identify the structural controls at the asset. The funds will also be used for further potential exploration following more assay works, the company said.
In the financing, each flow-through unit was priced at C$0.10 and consisted of one company share issued on a ‘flow-through’ basis, and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one share for C$0.13 for 12 months following closing.
Meanwhile, each unit was priced at $0.09 and consists of one company share and one share purchase warrant. Each warrant issued with a unit entitles the holder to purchase one company share at C $0.13 for 12 months from closing.
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