Renforth Resources Inc (CSE:RFR, OTCQB:RFHRF) said its private placement has closed oversubscribed, with a total of $1,558,100 gross funds raised in a combination of flow-through and non-flow-through funds.
The Pickering, Ontario-based company said it has closed the final tranches of the previously announced non-brokered private placement for additional gross proceeds of C$869,300 from the sale of 580,000 non-flow-through units at a price of C$0.035 per unit and 21,225,000 flow-through units at a price of C$0.04 per unit.
Each non-flow-through unit consisted of one common share of the company and one common share purchase warrant. Each flow-through unit consisted of one common share to be issued as a “flow-through share” and one-half of one warrant, according to Renforth.
READ: Renforth Resources kicks off new drill program at its Surimeau property in Quebec
Each whole warrant entitles the holder to purchase one common share at a price of C$0.06 for a period of 24 months following the distribution date. In connection to this tranche of the financing, the company said it paid a cash commission of $44,850 and issued 1,207,000 finders warrants. The finders’ warrants are exercisable at a price of C$0.06 for a period of 24 months.
Renforth said it is currently drilling on its wholly-owned 330 square kilometre Surimeau District property in Quebec, with the first drill hole at Lalonde almost completed.
Logging of the first half of the drill hole records visual mineralization near the top of the hole, as anticipated based upon mapping of the stripped area which the drill hole is undercutting, the company said.
Contact the author at susie@proactiveinvestors.com