RRL Resolute Resources Ltd

Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or "the Company") is
pleased to announce that the previously disclosed non-brokered private placement
offering (the "Offering") has closed on the issuance of 3,200,000 "flow-through"
common shares at a price of $0.25 per share for gross proceeds of $800,000. In
order to accommodate demand, the Company increased the Offering from the
previously announced 2,400,000 "flow-through" common shares for $600,000 in
gross proceeds. The gross proceeds raised under the Offering will be used for
the Company's participation in the previously announced two (2) Viking
horizontal well farm-out on its Loverna property located in south-west
Saskatchewan, such expenditures to constitute Canadian exploration expenses (as
defined under the Income Tax Act (Canada)) that will be renounced for the 2012
taxation year. 


In connection with the Offering, the Company paid a registered dealer a finder's
fee of $44,500 and issued finder's warrants exercisable into 66,750 common
shares at an exercise price of $0.25 per share for a period of 12 months from
the closing date. 


The Offering is subject to final approval of the TSX Venture Exchange. All
securities issued in connection with the Offering are subject to a four month
plus one day hold period in accordance with applicable securities laws, such
hold period expiring on April 21, 2013. 


As three of the Company's directors and/or senior officers participated in the
Offering by subscribing for "flow-through" common shares, such transaction
constitutes a related party transaction under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions ("MI 61-101").
However, as the Company is not listed on the specified markets in MI 61-101 and
neither the fair market value of any securities issued to or the consideration
paid by such persons will exceed 25% of the Company's market capitalization, the
Offering is exempt from the formal valuation and minority approval requirements
for a related party transaction. A material change report in respect of the
Offering was not filed at least 21 days in advance of the closing of the
Offering due to the uncertainty of current market conditions.


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' common
shares trade on the TSX Venture 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.


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 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Relentless Resources Ltd.
Dan Wilson
President & CEO
(403) 532-4466 ext. 227 or Cell: (403) 874-9862
(403) 303-2503 (FAX)
dwilson@relentless-resources.com
www.relentless-resources.com

Resolute Resources (TSXV:RRL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Resolute Resources (TSXV:RRL)
Historical Stock Chart
From Jul 2023 to Jul 2024