VANCOUVER, BC / ACCESSWIRE / May 29, 2017 / Renaissance Gold Inc. (TSX-V: REN) ("RenGold" or the "Company") is pleased to report that, as announced on May 11, 2017, the nine selling shareholders of Kinetic Gold Corp. ("Kinetic") have been issued an aggregate of 6,832,933 common shares of RenGold in exchange for 100% of the issued shares of Kinetic. All securities issued are subject to a hold period in Canada expiring on September 30, 2017.
Robert P. Felder was appointed to the board and as President of RenGold and Gregory T. Hill was appointed Principal Geologist. Ronald L. Parratt became Executive Chairman and remains as the CEO.
The acquisition of Kinetic is coming at a time when RenGold has a healthy treasury having closed two private placements with Kinross Gold Corporation (May 15, 2017) and Coeur Mining, Inc. (May 18, 2017), adding a total of CDN$1,615,000 to the cash treasury for general corporate purposes. The Company also signed an earn-in agreement with Kinross on three RenGold projects, which includes funding of US$500,000 exploration expenditures in the first year and an exploration alliance agreement with Coeur that funds US$250,000 generative exploration in the first year.
Ron Parratt stated, "The acquisition of Kinetic accelerates the growth of our Nevada exploration project portfolio with the addition of 10 high quality exploration projects at a time when demand for new exploration opportunities is growing. Although the past many years have been challenging, Bob Felder and Greg Hill have acquired an excellent portfolio of exploration properties in Kinetic, primarily by staking in a period with less industry competition. We welcome them both to the RenGold team and know that their substantial exploration experience in Nevada and technical skills will be of great benefit to ongoing activities within RenGold."
Bob Felder stated, "I am quite pleased to be taking on the role of President of RenGold and very much look forward to working with Ron and the team. We are immediately hitting the road to present our combined company to the investor community and to potential future partners and aim to continue our current momentum by bringing in additional partners to explore our property portfolio. Activity levels in this regard have been quite high for the past several months and we remain confident that we can continue to successfully execute our business, get our targets drilled, and increase the chances of achieving our ultimate goal - which is making discoveries."
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. RenGold's objective is to place the projects in exploration earn-in agreements with industry partners who provide exploration funding. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
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Executive Chairman and CEO
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SOURCE: Renaissance Gold Inc.