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Relentless Resources Ltd Closes On Increased Flow-Through Offering


Thursday, 20 Dec 2012 04:38pm EST 

Relentless Resources Ltd announced that the previously disclosed non-brokered private placement offering has closed on the issuance of 3,200,000 flow-through common shares at a price of $0.25 per share for gross proceeds of $800,000. In order to accommodate demand, the Company increased the Offering from the previously announced 2,400,000 flow-through common shares for $600,000 in gross proceeds. The gross proceeds raised under the Offering will be used for the Company's participation in the previously announced two Viking horizontal well farm-out on its Loverna property located in south-west Saskatchewan, such expenditures to constitute Canadian exploration expenses (as defined under the Income Tax Act (Canada)) that will be renounced for the 2012 taxation year. In connection with the Offering, the Company paid a registered dealer a finder's fee of $44,500 and issued finder's warrants exercisable into 66,750 common shares at an exercise price of $0.25 per share for a period of 12 months from the closing date. The Offering is subject to final approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a four month plus one day hold period in accordance with applicable securities laws, such hold period expiring on April 21, 2013. 

Company Quote

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16 Sep 2014