Vancouver, British Columbia (FSCwire) - Letho Resources Corp. (the
“Company”) is pleased to announce that it will carry out a non-brokered private placement of up to 10,000,000
shares at $0.25 per share, for gross proceeds of up to $2,500,000. In connection with the private placement, the Company may pay
finder’s fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.
On May 11, 2018, the Company announced that it had entered into a memorandum of understanding (the
“MOU”) in regards to a business combination transaction with Anio Oil & Gas Sh.a. (“Anio”), a
private company registered in Albania which holds a license to a producing oil field in Albania. If completed, the business
combination transaction would result in a reverse takeover of the Company by Anio. The net proceeds from the private placement
will be used by the Company to fund its obligations under the MOU as well as for general working capital. The Company intends to
close the private placement as soon as practicable.
Trading Halt and Cautionary Statement
Trading of the Company’s shares remains halted on the TSX Venture Exchange and it is expected that the trading halt
will continue until submissions to the TSX Venture Exchange for the business combination transaction with Anio have been
completed to the satisfaction of the TSX Venture Exchange or until it determines otherwise in its discretion.
Completion of the business combination transaction with Anio is subject to a number of conditions, including but
not limited to, TSX Venture Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the
business combination transaction cannot close until the required shareholder approval is obtained. There can be no assurance that
the business combination transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be
prepared in connection with the proposed business combination transaction, any information released or received with respect to
the business combination transaction may not be accurate or complete and should not be relied upon. Trading in the securities of
the Company, once resumed, should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed business combination transaction and
has neither approved nor disapproved the contents of this news release.
To learn more about us, please visit our website at: www.lethoresources.com
ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP.
Bryson Goodwin,
President & CEO
For more information, please contact:
Bryson Goodwin (604) 341-1531
Website: www.lethoresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as
of the date of this news release. Such statements include the terms of the proposed private placement (including proposed use of
proceeds) and the terms of the proposed business combination with Anio. These statements reflect management’s current estimates,
beliefs, intentions and expectations and are not guarantees of future performance. Such statements are based upon certain
assumptions which Letho’s management believes to be reasonable, including assumptions relating to the availability of funds to
complete the private placement, the nature of Anio’s assets and the expected conditions to closing. Letho cautions that all
forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors,
many of which are beyond Letho’s control. Such factors include, among other things: risks and uncertainties relating to Letho’s
ability to complete the proposed private placement and satisfying the conditions to closing of the business combination
transaction, including the completion of satisfactory due diligence. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward
looking information. Except as required under applicable securities legislation, Letho undertakes no obligation to publicly
update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the original release, please click here
Source: Letho Resources Corp. (TSX Venture:LET)
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