Renegade Gold announces $4.3 million private placement financing

Renegade Gold Inc. (TSXV: RAGE) announced plans for a non-brokered private placement to raise up to $4.3 million in gross proceeds. The financing consists of $4 million in non flow-through units and $300,000 in flow-through units, both priced at $0.23 per unit.

Each non flow-through unit includes one common share and one warrant exercisable at $0.30 per share for two years. Flow-through units comprise one flow-through share and half a warrant, also exercisable at $0.30 per share for two years. The warrants include an acceleration clause that allows early expiry if shares trade at $0.50 or higher for ten consecutive trading days.

The company plans to use proceeds from non flow-through units for debt repayment, exploration activities and working capital. Flow-through unit proceeds will fund Canadian exploration expenses qualifying as flow-through mining expenditures under Canadian tax law for the company's Ontario projects.

Renegade Gold may pay finders' fees in cash or non-transferable warrants subject to TSX Venture Exchange policies and securities regulations. The company expects to close the placement in one or more tranches pending regulatory approvals, including TSX Venture Exchange approval. All securities will be subject to a four-month-and-one-day regulatory hold period.

The mining company operates in Ontario's Red Lake Mining District, holding approximately 1,320 square kilometers of exploration properties. The company has assembled land packages in proximity to major mines and deposits along the Confederation Lake and Birch-Uchi greenstone belts as part of its regional consolidation strategy.

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