VANCOUVER, Feb. 24, 2012 /CNW/ - Reliance Resources Limited (the "Company") (TSX:RI) wishes to announce that it has applied to the Toronto Stock Exchange (the "Exchange") and has received conditional approval to extend the terms of an aggregate of 2,250,000 common share purchase warrants (the "Warrants") which were issued pursuant to a brokered private placement (the "Private Placement") which closed on March 1, 2012 (250,000 of the Warrants were issued to the agent in consideration for services provided in connection with the Private Placement). Each Warrant entitles the holder to acquire one common share in the capital of the Company at an exercise price of $0.65 per common share until March 1, 2012. No Warrants issued under the Private Placement have been exercised to date, and none of the Warrants are held, directly or indirectly, by any insiders of the Company. The Company has received conditional approval from the Exchange to extend the term of the Warrants for an additional year to March 1, 2013.
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