Renforth Resources Inc. entered into an agreement to acquire New Alger property from Cadillac Ventures Inc. (TSXV:CDC) for CAD 0.59 million in cash and stock on January 28, 2013. According to the agreement, Renforth will pay CAD 0.02 million in cash and issue 2 million shares valued at CAD 0.05 at the time of signing the agreement, will pay CAD 0.21 million cash by June 15, 2013 and CAD 0.25 million cash by November 15, 2013. Upon satisfaction of the foregoing conditions, Renforth will acquire a 100% interest in the property; subject to an existing 1% net smelter return royalty and Cadillac will retain an additional 1% net smelter return royalty. The deal is subject to approval of the Board of Directors of each of Renforth and Cadillac.

As per an amendment on September 30, 2013, Renforth could satisfy the CAD 0.21 million cash payment that was due June 15, 2013, through the issuance of 4.2 million common shares. On February 1, 2014, Renforth and Cadillac agreed to extend the November 2013 payment to February 28, 2014 and agreed to settle the final payment through quarterly instalments of CAD 0.015 million commencing February 2014 with the balance of CAD 0.19 million payable February 2015. In consideration for the restructuring of the payment, Renforth will pay an additional fee of CAD 0.01 million payable February 2015.