VANCOUVER, July 17, 2012 /CNW/ - Reliance Resources Limited (the "Company") announces the completion, subject to the final acceptance of the Toronto Stock Exchange (the "TSX"), of the first tranche of its non-brokered private placement (the "Private Placement") announced by the Company on June 22, 2012. The Company issued an aggregate of 2,465,000 common shares in the capital of the Company (the "Shares") in this tranche at a price of $0.15 per Share for gross proceeds of $369,750 to certain insiders of the Company who funded their subscriptions through the sale of an aggregate of 2,465,000 common shares at a price of $0.15 per share through the facilities of the TSX, as set out in the Company's press release dated June 22, 2012.
The Shares issued in this tranche are subject to a four month hold period expiring on November 17, 2012.
As indicated in the Company's press release dated July 10, 2012, the Company received a total of $694,144 from Robust Resources Limited in connection with the Private Placement.
Proceeds from the Private Placement will be used to fund the Company's Indonesian Gold projects and for working capital.
On behalf of the Board of Directors of Reliance Resources Limited.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
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