Relentless closes private placement for $3.75-million Relentless closes private placement for $3.75-million
2014-06-27 18:40 ET - News Release
Mr. Dan Wilson reports
RELENTLESS RESOURCES ANNOUNCES INCREASE TO AND COMPLETION OF FINANCING AND COMPLETION OF PEACE RIVER ARCH ASSET ACQUISITION
Relentless Resources Ltd. has increased the common share component by $750,000 and has completed its previously announced non-brokered private placement. The company issued 4,166,666 common shares on a flow-through basis at 24 cents per FT share and 13.75 million common shares at 20 cents per common share for aggregate gross proceeds of $3.75-million. The common shares and FT shares are subject to a four-month hold period.
The company is also pleased to announce that it has completed the previously announced purchase of certain assets consisting of approximately 127 barrels of oil equivalent per day of conventional producing petroleum and natural gas properties in the Peace River Arch area of Alberta from its nominee, 1819113 Alberta Ltd., for a purchase price of $3.0-million.
Relentless also announces that Sony Gill has been appointed as corporate secretary of the company, effective June 27, 2014. Mr. Gill is a partner in the CFMA Group in the Calgary office of the national law firm McCarthy Tetrault LLP. Mr. Gill will replace Leigh Stewart, who has resigned as corporate secretary. Relentless wishes to thank Mr. Stewart for providing guidance to the company for a number of years.
In connection with his appointment as corporate secretary, the company has granted Mr. Gill an option to acquire 200,000 common shares. The grant of the option is for a five-year term. The option vests immediately and is exercisable at a price of 30 cents per common share.
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