TSX-Venture Exchange: RRL
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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.
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.
For further information: Dan Wilson, CEO, Relentless Resources Ltd., Phone: (403) 532-4466 ext. 2, Fax: (587) 955-9668, E-mail: [email protected]; Ron Peshke, President, Relentless Resources Ltd., Phone: (403) 532-4466 ext. 1, Fax: (587) 955-9668, E-mail: [email protected]