CALGARY, ALBERTA–(Marketwired – Dec. 16, 2015) –
Relentless Resources Ltd. (“Relentless” or the “Company“) (TSX VENTURE:RRL) is pleased to announce that it intends to complete a private placement of up to 6,250,000 common shares of the Company to be issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) (the “Tax Act“) ( “Flow-Through Shares“) at a price of $0.16 per Flow-Through Share for aggregate gross proceeds of up to $1.0 million. The Flow-Through Shares will be subject to a four month hold period. A portion of the private placement may be subscribed for by officers and directors of the Company.
The gross proceeds from the private placement will be used to fund the Company’s 2016 capital expenditure program, and in particular will be used to incur and renounce qualifying expenditures pursuant to the Tax Act.
Completion of the private placements is subject to the approval of the TSX Venture Exchange.