CALGARY, ALBERTA–(Marketwired – Dec. 22, 2015) – On December 18, 2015, Relentless Resources Ltd. (“Relentless” or the “Corporation“) (TSX VENTURE:RRL) announced that it had closed its previously announced non-brokered private placement (the “Private Placement“). Pursuant to the Private Placement, the Corporation issued 5,625,000 common shares of the Corporation (“Common Shares“) issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) (“Flow-Through Shares“) at a price of $0.16 per Flow-Through Share for aggregate gross proceeds of $900,000. As at the date hereof, Relentless has 70,061,595 Common Shares outstanding.
In accordance with Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, pursuant to the Private Placement, Mr. William MacDonald (5 Pump Hill Close S.W., Calgary, AB, T2V 5E4) acquired ownership or control of an aggregate of 1,250,000 Flow-Through Shares, representing approximately 1.78% of the issued and outstanding Common Shares. As of the date hereof, Mr. MacDonald owns, directly or indirectly, or exercises control and direction over, an aggregate of 7,297,025 Common Shares, representing approximately 10.42% of the issued and outstanding Common Shares;
The Flow-Through Shares were acquired for investment purposes. Mr. MacDonald and his family members, as applicable, may, from time to time, on an individual or joint basis acquire additional securities of the Corporation, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.
All of the securities purchased were acquired in reliance on the “family, friends and business associate” or “employee, executive officer, director and consultant” exemptions of National Instrument 45-106 – Prospectus and Registration Exemptions. Copies of the early warning reports for Mr. MacDonald will be filed on SEDAR and may also be obtained by contacting the individuals listed below.
Dan Wilson, CEO
Relentless Resources Ltd.
(403) 532-4466 ext. 227
Mobile: (403) 874-9862
Ron Peshke, President
Relentless Resources Ltd.
(403) 532-4466 ext. 223
Mobile: (403) 852-3403
Suite 320, 700 4th Avenue S.W.
Calgary, Alberta T2P 3J4
(587) 955-9668 (FAX)
info@relentless-resources.com
www.relentless-resources.com