VANCOUVER, June 22, 2012 /CNW/ - Reliance Resources Limited (the
"Company") reports that it has arranged a non-brokered private
placement to raise gross proceeds of up to $1.2 million by the sale of
up to 8,000,000 common shares at a price of $0.15 per share. In
addition, certain insiders of the Company have arranged a sale of
approximately 2,465,000 shares of the Company at a price of $0.15 per
share through the facilities of the TSX. The proceeds from this sale
will be used to partially fund the aforesaid private placement.
Proceeds from the private placement will be used to fund its Indonesian
Gold projects and for working capital. The private placement is
subject to regulatory approval.
On behalf of the Board of Directors of Reliance Resources Ltd.
SOURCE Reliance Resources Ltd.
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