Relentless appoints Peshke president, director This is Alexander Energy the 2nd!
Relentless appoints Peshke president, director
2014-02-03 17:38 ET - News Release
Mr. Ron Peshke reports
RELENTLESS RESOURCES ANNOUNCES NEW OFFICERS, BOARD APPOINTMENT AND PRIVATE PLACEMENT
Relentless Resources Ltd. has appoined Ronald J. Peshke as president and as a member of the company's board of directors, effective immediately. Mr. Daniel T. Wilson, the outgoing President, will remain heavily involved with the Company as Chief Executive Officer and Chairman of the Board. The Board would like to thank Mr. Wilson for his service as President guiding the Company through a challenging economic period in the Canadian oil and gas sector, and is looking forward to Mr. Wilson's continued contributions as CEO and Chairman of the Board. Mr. Peshke will also be filling the Board vacancy resulting from the retirement of Mr. Thomas W. Robinson from the Board. Mr. Robinson, who also resigned as Corporate Secretary, is one of the founders and original Board members of the Company. Mr. Leigh Stewart has been appointed Corporate Secretary to replace Mr. Robinson. Mr. Robinson's industry experience and insight will be missed both by management and the Board, whom wish Mr. Robinson well in his retirement.
Mr. Peshke has 15 years of oil & gas industry experience, primarily in production and exploitation engineering, with various Calgary-based public and private oil and gas companies operating throughout Western Canada, including most recently as Chief Operating Officer of Alexander Energy Ltd. Mr. Peshke earned a Bachelor of Science (Chemical Engineering) at the University of Calgary.
The Company is also pleased to announce the appointment of Mr. Hugh M. Thomson as Vice-President, Finance, and CFO, also effective immediately. Mr. Thomson replaces Mr. Pradeep Nathwani, whom the management and Board wishes to thank for his services to the Company. It is expected that Mr. Nathwani will continue to provide consultancy services to the Company to assist in the transition resulting from the appointment of Mr. Thomson. Mr. Thomson, one of the founders of Relentless, previously served the Company in a variety of offices, including as President, CFO and as a member of the Board. Mr. Thomson re-joins Relentless after a 3-year tenure as CFO of Alexander Energy Ltd., and will oversee all treasury and financial reporting matters of Relentless. Mr. Thomson is a Chartered Accountant with over 20 years of experience in the Alberta oil and gas industry.
The addition of Messrs. Peshke and Thomson to the Relentless management team, and the addition of Mr. Peshke to the Board, together with existing Board members William C. Macdonald and Daniel T. Wilson, re-unites the key ex-management team of Alexander Energy Ltd., which was recapitalized in December 2013.
Relentless also intends to proceed with a non-brokered private placement of up to 4,285,714 units ("Units"), at a price of $0.105 per Unit for gross proceeds of $450,000 ("Private Placement"). Each Unit shall be comprised of one common share of the Company ("Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.14 for a period of five years. The Warrants will vest and become exercisable as to one-third upon the 20-day weighted average trading price of the Common Shares (the "Market Price") equaling or exceeding $0.20, an additional one-third upon the Market Price equaling or exceeding $0.25 and a final one-third upon the Market Price equaling or exceeding $0.30.
It is anticipated that Messrs. Peshke and Thomson will subscribe for $300,000 and $150,000, respectively, of the Private Placement. Proceeds from the Private Placement will be for general corporate purposes. The Common Shares and Warrants (including the Common Shares issuable upon exercise of the Warrants) issued on the Private Placement will be subject to a four month plus one day hold period from the date of closing. There are no finder's fees associated with the Private Placement. Closing of the Private Placement is subject to receipt of the requisite approvals of the TSX Venture Exchange.
The Company also announces that its Board has approved the granting of stock options to acquire an aggregate of 240,000 Common Shares of the Company to the new executive officers of the Company. The immediately vesting stock options were granted in accordance with the Company's stock option plan and are exercisable for a period of five (5) years from the grant date at an exercise price of $0.14 per share. The stock options (including the Common Shares issuable thereunder) are subject to a four month plus one day hold period expiring June 4, 2014, in accordance with applicable securities laws. The stock option grants are subject to receipt of final approval from the TSX Venture Exchange.
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