/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
CALGARY, April 7, 2017 /CNW/ - Return Energy Inc. ("Return" or the "Company") (TSX-V: "RTN") announces that no additional closings of its previously announced private placement (the "Offering") will be undertaken. A total of $2.1 million was raised under the Offering. Please refer to the Company's news release of March 14, 2017 for particulars.
In connection with the closing of the Offering, the Corporation paid finders' fees to eligible parties. Finders acting in connection with the closing of the Offering received cash payments in the aggregate amount of $22,027.20 together with 183,560 finders' warrants (the "Finder Warrants"). Each Finder Warrant is exercisable by the holder to purchase one common share in the capital of the Company (a "Common Share") at a price of $0.15 ("Warrant Exercise Price") at any time prior to 5:00 p.m. (Calgary Time) on or before the earlier of the date that is: (a) one year from the completion of the Offering, being March 13, 2018; and (b) 30 days after the giving of notice of early termination by Return. Such notice may be given by the Company, in its sole discretion, if the volume-weighted average price of the Common Shares on the TSX Venture Exchange exceeds the Warrant Exercise Price by at least 200% for a minimum of 10 consecutive trading days (whether or not trading of Common Shares occurs on all such days, provided that the Common Shares trade on at least five of such trading days).
The completion of the Offering is subject to the Company receiving all necessary regulatory approvals, including final approval from the TSX Venture Exchange.
Neither the 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 Return Energy Inc
For further information: This news release is reproduced on Return's website at www.returnenergyinc.com. For this and further information about Return please visit the website or contact Ken Tompson (President & CEO) at 403-265-8011 ext. 224.