VANCOUVER, June 22, 2012 /CNW/ - Reliance Resources Limited (the "Company") reports that it has arranged a non-brokered private placement to raise gross proceeds of up to $1.2 million by the sale of up to 8,000,000 common shares at a price of $0.15 per share. In addition, certain insiders of the Company have arranged a sale of approximately 2,465,000 shares of the Company at a price of $0.15 per share through the facilities of the TSX. The proceeds from this sale will be used to partially fund the aforesaid private placement.
Proceeds from the private placement will be used to fund its Indonesian Gold projects and for working capital. The private placement is subject to regulatory approval.
On behalf of the Board of Directors of Reliance Resources Ltd.
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Scott Emerson, President
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