Renegade Gold Announces Intention to Issue Shares to Benton Resources in Payment of $300,000 Option
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Vancouver, British Columbia--(Newsfile Corp. - December 1, 2023) - Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF) (FSE: 070) ("Renegade" or the "Company") announces it intends to issue common shares to Benton Resources Inc. ("Benton") in satisfaction of its obligation to make a cash payment of C$300,000 pursuant to the terms of the Option Agreement (as defined below) whereby the Company has the right to acquire the remaining 30% interest (for a total interest of 100%) in the Panama Lake Property (see the Company's news releases dated July 13, 2022 and November 4, 2022).
Renegade intends to issue Benton a total of 769,230 common shares of the Company (the "Common Shares") at a deemed price of $0.39 per Common Share in lieu of paying C$300,000, as payment for the Third Option as defined in an option agreement dated October 22, 2019 (the "Option Agreement") in respect of the Panama Lake Property. The issuance of Common Shares is subject to the receipt of all required approvals, including the approval of the TSX Venture Exchange. The Common Shares are subject to a statutory four month hold period.
The Panama Lake Gold Project is located approximately 80 km from, and on the same structural trend as Kinross Gold's Great Bear deposit and expands Renegade's dominant contiguous foothold along the Confederation belt by a further 9,900 hectares.
The Panama Lake property acquisition brings Renegade's consolidated land package along the Confederation Belt to 58,600 hectares, underlain by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake Mining District.
About Renegade Gold Inc.
Renegade Gold Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone belts. The recent completion of the acquisition of Pacton Gold Inc. extends the Company's ownership in Red Lake to over 89,600 hectares of prospective and diversified exploration properties with significant potential for gold and critical minerals on trend with the major structures hosting known gold occurrences in the Red Lake mining district today. A portfolio of prospective projects in Western Australia has also been acquired.