VANCOUVER, July 18, 2012 /CNW/ - Reliance Resources Limited (the "Company") announces the completion, subject to the final acceptance of the Toronto Stock Exchange, of the second tranche of its non-brokered private placement (the "Private Placement") announced by the Company on June 22, 2012 issuing an aggregate of 4,627,627 common shares in the capital of the Company (the "Shares") at a price of $0.15 per Share for gross proceeds of approximately $694,144.
The Shares issued in this tranche are subject to a four month hold period expiring on November 19, 2012.
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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Scott Emerson, President
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