CALGARY, ALBERTA–(Marketwired – June 27, 2014) – Relentless Resources Ltd. (“Relentless” or the “Company“) (TSX VENTURE:RRL) is pleased to announced an increase to the common share component by $750,000 and completion of its previously announced non-brokered private placement. The Company issued 4,166,666 common shares on a “flow through” basis (“FT Shares“) at $0.24 per FT Share and 13,750,000 common shares (“Common Shares“) at $0.20 per Common Share for aggregate gross proceeds of $3.75 million. The Common Shares and FT Shares are subject to a four month hold period.
The Company is also pleased to announce that it has completed the previously announced purchase of certain assets consisting of approximately 127 boe/d of conventional producing petroleum and natural gas properties in the Peace River Arch Area of Alberta from its nominee, 1819113 Alberta Ltd., for a purchase price of $3.0 million.
Relentless also announces that Mr. Sony Gill has been appointed as Corporate Secretary of the Company effective June 27, 2014. Mr. Gill is a partner in the CFMA Group in the Calgary office of the national law firm McCarthy Tétrault LLP. Mr. Gill will replace Mr. Leigh Stewart who has resigned as Corporate Secretary. Relentless wishes to thank Mr. Stewart for providing guidance to the Company for a number of years.
In connection with his appointment as Corporate Secretary, the Company has granted Mr. Gill options to acquire 200,000 Common Shares. The grant of options is for a five year term. The options vest immediately and are exercisable at a price of $0.30 per Common Share.
About Relentless Resources Ltd.
Relentless is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and light gravity crude oil reserves in Alberta. Relentless’s common shares trade on the TSX Venture Exchange under the symbol RRL.
Relentless’s primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.
Boe/d means barrel of oil equivalent per day. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Dan Wilson, CEO
Relentless Resources Ltd.
Phone: (403) 532-4466 ext. 227
Mobile: (403) 874-9862
(403) 303-2503 (FAX)
E-mail: info@relentless-resources.com
www.relentless-resources.com
Ron Peshke, President
Relentless Resources Ltd.
Phone: (403) 532-4466 ext. 223
Mobile: (403) 852-3403