Encore Renaissance Resources Corp. (TSX VENTURE:EZ), (FRANKFURT:OUH1), (PINK SHEETS:ERRCF) Encore Renaissance Resources Corp. (the "Company" (TSX VENTURE:EZ) reports the private placements for the sale of 13 million units, raising a total of $1.3-million, have been fully subscribed.
Each unit offered at 10 cents per unit consists of one common share of the company and one share purchase warrant, and each share purchase warrant shall have a two-year term from the date of issuance for the purchase of one further common share of the company at the exercise price of 15 cents in the first year and thereafter 20 cents in the second year.
As of today the company has completed all upgrades to the facilities and underground workings. Full operations have commenced at the Bonaparte property with underground work heading towards the diamond drill-indicated high-grade (1.5oz/t gold or 48g/t) Eagle vein as well as testing the #20 vein which assayed two vein samples at 43.5 g/t over 1.02 metres and 69.2 g/t over 1.26 metres as it intersects along the path of the decline.
The contract with Kinross Republic Mine in Washington State has been renewed to cover off the 10,000 ton bulk sample from the Bonaparte property.
The company has also completed its application for a full mine discharge permit for the Bonaparte property
Source: Encore Renaissance Resources Corp.