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Renaissance Gold says in "good financial shape" amid uncertain time

The firm's 'generative' activities are continuing and discussions with potential new partners remain ongoing

Renaissance Gold, Inc. -
The firm now has a 'work from home' strategy at both its Nevada and British Columbia offices until further notice

Renaissance Gold Inc (CVE:REN) (OTCMKTS:RNSGF), the US-focused prospect generator, has told investors it is in good financial shape amid an uncertain time due to the coronavirus pandemic.

READ: Renaissance Gold welcomes international geologist Robert W. Schafer as a director

"The COVID-19 threat has created a challenging situation around the world and we are fortunate to live at a time when our technical capabilities allow us to continue with our business remotely, with only minimal disruption," Renaissance CEO Robert Felder said in a statement, adding that the group has implemented a work from home strategy at both its Reno, Nevada and White Rock, British Columbia, offices until further notice.

The firm's 'generative' activities are continuing and discussions with potential new partners remain ongoing, he added.

As at the end of 2019, the firm said it had C$2.85 million in cash.

A US$2.40 million (C$3.48M) payment is due in June this year from major AngloGold Ashanti if it chooses to complete its option to acquire the Silicon Project in Nye County, Nevada If it does, Renaissance will retain a 1% net smelter royalty (NSR) on the project.

The firm currently has six of its projects in option or earn-in agreements, but said drilling plans were uncertain at this time, but will be reported when they materialize later in the year.

Shares ticked up over 9% to C$0.24 each.

---Updates for share price---

Contact the author at [email protected]

Quick facts: Renaissance Gold, Inc.

Price: 0.245 CAD

TSX-V:REN
Market: TSX-V
Market Cap: $16.77 m
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