Renforth Resources Inc (CSE:RFR, OTCQB:RFHRF) announced plans to raise up to C$1 million through a non-brokered private placement to fund exploration at its Surimeau battery metals project in Quebec.
The junior resource company is offering non-flow-through units at a price of C$0.035 per unit and flow-through units at a price of C$0.04 per unit for gross proceeds of up to C$1 million.
Each unit will consist of one share and one warrant exercisable at C$0.06 for a 24-month period following the closing date.
READ: Renforth Resources said results from July sampling at Lalonde, Surimeau project have validated further exploration in area
Each flow-through unit will consist of one share to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one half of one warrant exercisable at the terms stated above.
Renforth said it intends to use the net proceeds of the offering to fund its ongoing exploration program at Surimeau, expected to include drilling, as well as for working capital and general corporate purposes.
Permits have been applied for and are expected to be approved “imminently,” Renforth told shareholders.
The 330-square kilometre Surimeau district property hosts several known areas of polymetallic battery metals mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground.
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