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CALGARY, March 1, 2018 /CNW/ - Relentless Resources Ltd.
("Relentless" or the "Company") is pleased to
announce that, as a result of excess demand, the Company has
increased the size of its previously announced private placement of
units of the Company ("Units") from $7,500,000 to $8,250,000 (the "Private Placement").
As previously disclosed, each Unit will be comprised of one
Common Share and, in the case of subscriptions by directors,
officer and other insiders of the Company, one Common Share
purchase warrant (a "Warrant") and, in the case of all other
subscribers, one-half of one Warrant. Each whole Warrant will
entitle the holder to purchase one Common Share at a price of
$0.10 for a period of five years. The
Warrants will vest and become exercisable as to one-third upon the
20-day weighted average trading price of the Common Shares (the
"Market Price") equaling or exceeding $0.12, an additional one-third upon the Market
Price equaling or exceeding $0.16 and
a final one-third upon the Market Price equaling or exceeding
$0.20.
The completion of the Private Placement is expected to occur on
or about March 21, 2018, and may be
completed in one or more tranches (the "Closing"). The
Private Placement remains is subject to applicable regulatory
approval, including the approval of the TSX Venture Exchange
("TSXV").
Proceeds from the Private Placement, together with proceeds from
the previously announced proposed rights offering (the "Rights
Offering") will be used to establish a presence of the Company
in the Canadian cannabis sector by: (i) making investments and
deposits in connection with letters of intent signed with strategic
cannabis investment opportunities; and (ii) for working capital and
general corporate purposes.
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. Relentless' Common Shares trade on
the TSXV 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. Upon completion of the Private Placement and
the Rights Offering, the Company will pursue the corporate
objective by developing a diversified portfolio which will include
a cannabis-focused investment strategy.
Website: www.relentless-resources.com
Forward Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates, the Company's
assessment of future plans and operations, and, more particularly,
statements concerning the completion of the Private Placement and
Rights Offering and use of proceeds therefrom. When used in this
document, the words "will," "anticipate," "believe," "estimate,"
"expect," "intent," "may," "project," "should," and similar
expressions are intended to be among the statements that identify
forward-looking statements. The forward-looking statements are
founded on the basis of expectations and assumptions made by the
Company which include, but are not limited to, the timing of the
receipt of the required regulatory approvals and the future
operations of, and transactions completed by the Company.
Forward-looking statements are subject to a wide range of risks and
uncertainties, and although the Company believes that the
expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized. Any number of important factors could cause actual
results to differ materially from those in the forward-looking
statements including, but not limited to, regulatory and third
party approvals not being obtained, the ability to implement
corporate strategies, the state of domestic capital markets, the
ability to obtain financing, changes in general market conditions
and other factors more fully described from time to time in the
reports and filings made by the Company with securities regulatory
authorities.
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.
SOURCE Relentless Resources Ltd.