CALGARY, ALBERTA–(Marketwired – Jan. 10, 2017) – Relentless Resources Ltd. (“Relentless” or the “Company“) (TSX VENTURE:RRL) is pleased to announce the completion of the private placements previously announced on December 8, 2016 (the “First Private Placement“) and on December 23, 2016 (the “Second Private Placement“).
In connection with the First Private Placement, the Company issued 10,000,000 units (“Units“) at a price of $0.05 per Unit for gross proceeds of $500,000. Each Unit consists of one common share of the Company (“Common Share“) and one Common Share purchase warrant (“Warrant“). Each Warrant gives the holder the option, exercisable for a period of one year, to purchase one Common Share for $0.055 per Common Share. The Company paid a commission of $2,800 to Industrial Alliance Securities Inc. in connection with the First Private Placement.
In connection with the Second Private Placement, the Company issued 8,888,889 Units at a price of $0.05625 per Unit for gross proceeds of $500,000. Each Warrant issued under the Second Private Placement gives the holder the option, exercisable for a period of one year, to purchase one Common Share for $0.075 per Common Share.
All securities issued under the First Private Placement and the Second Private Placement are 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 First Private Placement and the Second Private Placement are 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.