Renforth Resources Inc.

Renforth Resources Inc.

November 20, 2007 09:55 ET

Renforth Resources Inc. Completes $2,992,500 Private Placement With the MineralFields Group

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2007) - Renforth Resources Inc. ("Renforth") is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $2,992,500 through the sale of 5,985,000 flow-through common shares at an issue price of $0.50 per share to the MineralFields Group.

Renforth paid a finder's fee in respect of the private placement in the amount of $149,625, being 5% of the gross proceeds raised pursuant to the private placement. Renforth also issued 598,500 compensation warrants, each warrant exercisable at $0.50 and entitling the holder to purchase one non flow-through common share. The compensation warrant will expire 2 years from the date of issue. All securities issued pursuant to the private placement will be subject to a four month hold period following the closing date.

Renforth intends to use the proceeds of the private placement for exploration and development of its mineral properties. Renforth is a junior resource company focused on the exploration and development of mining properties in Ontario.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

This press release includes certain forward-looking statements within the meaning of Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; general economic conditions; and changes in laws, rules and regulations applicable to Renforth. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements. Renforth has no intention or obligation to update the forward-looking statements contained in this press release.

Neither the TSX, nor any other securities regulatory authority has approved or disapproved of the contents of this news release.

Contact Information

  • Renforth Resources Inc.
    David Danziger
    President and Chief Executive Officer
    (416) 368-5049