CALGARY, ALBERTA–(Marketwired – Dec. 23, 2016) – Relentless Resources Ltd. (“Relentless” or the “Company“) (TSX VENTURE:RRL) announces it plans to complete a non-brokered equity financing of up to 8,888,889 units (“Units“) at a price of $0.05625 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share of the Company (“Common Share“) and one Common Share purchase warrant (“Warrant“). Each Warrant will give the holder the option, exercisable for a period of one year, to purchase one Common Share for $0.075/share.
The net proceeds of the private placement will be used for general working capital purposes.
Insiders of the Company are participating in the private placement.
All securities issued under the private placement will be subject to a four-month hold period from the date of issuance in accordance with the policies of the TSX Venture Exchange (the “Exchange“) and applicable securities laws. The Company’s private placement is subject to Exchange approval.
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, Canada. The Common Shares trade on the Exchange under the symbol RRL.
Relentless’ primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.