Relentless Announces Flow-Through Private Placement
October 06 2011 - 12:43PM
Marketwired
Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or "the
Company") announces it intends to proceed with a non-brokered
private placement of up to 2,500,000 common shares, issued on a
"flow-through" basis, at a price of $0.40 per share for gross
proceeds of up to $1,000,000. The flow-through funds raised from
the private placement will be used for the drilling and completion
of a horizontal oil well on the Company's lands in south-west
Saskatchewan, which will constitute Canadian exploration expenses
(as defined under the Income Tax Act (Canada)) and will be
renounced for the 2011 taxation year.
In connection with the private placement, the Company may pay a
finder's fee to an arm's-length finder on a portion, or all, of the
gross proceeds raised under the private placement, to be settled in
cash and/or warrants subject to the approval of the TSX Venture
Exchange (the "Exchange"). A further news release will be issued if
a finder's fee is payable.
All securities issued under the private placement will be
subject to a four-month hold period from the date of issuance in
accordance with applicable securities laws. The private placement
is subject to final approval of the Exchange.
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 and Saskatchewan. 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.
Reader Advisory
This Press Release contains certain forward-looking information
and statements with the meaning of applicable securities laws. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "confident", "might", "proposed" and
similar expressions are intended to identify forward-looking
information or statements. In particular, but without limiting the
foregoing, this Press Release contains forward-looking information
and statements pertaining to the completion of the private
placement of securities and other expectations, beliefs, plans,
goals, objectives, assumptions, information and statements about
possible future events, conditions, results or performance.
Relentless's actual results, performance or achievement could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so what
benefits Relentless will derive there from. Relentless disclaims
any intention or obligation to update or revise any forward-
looking statements, whether as a result of new information, future
events or otherwise, except as required by securities laws.
The securities proposed to be issued have not been registered
under the U.S. Securities Act of 1933 as amended or any state
securities laws, and may not be offered or sold in the United
States absent registration or an exemption from the registration
requirements. This Press Release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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.
Contacts: Relentless Resources Ltd. Dan Wilson President &
CEO (403) 532 - 4466 ext. 227 or Cell: (403) 874 - 9862 (403) 303 -
2503
(FAX)dwilson@relentless-resources.comwww.relentless-resources.com
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