VANCOUVER, BC / ACCESSWIRE / October 22, 2018 / Letho Resources Corp. (the "Company")
announces that that it has completed the first tranche of a non-brokered private placement of 884,000 units ("Units"), issued at a
price of $0.25 per Unit, for gross proceeds of $221,000. Each unit consists of one common share ("Common Share") and one-half
non-transferable common share purchase warrant ("Warrant"). Each full Warrant entitles the holder to acquire one additional Common
Shares of the Company at a price of $0.40 per Common Share for eighteen months from the date of issuance.
No finder's fees were paid in connection with the private placement.
The net proceeds of the private placement will be used for general corporate purposes, including due diligence relating to the
Company's business combination with Anio Oil & Gas Sh. a. ("Anio"), a private Albanian company that holds a license to the
Ballsh-Hekal producing oil field in Albania. Details on the proposed transaction were announced July 10, 2018. The Company is
continuing to pursue the closure of the Anio acquisition. The Company also intends to close one or more additional tranches of this
private placement for total gross proceeds (in all tranches) of up to $1,500,000 prior to the completion of the transaction.
Quote from Sotirios Kapotas, President and CEO of Letho Resources Corp.
"We wish to express our appreciation to our investors, board and team for their support and confidence in Letho. We are
confident that the proposed transaction with Anio will close and that Letho will subsequently increase production of the
Ballsh-Hekal oil field. We continue to work diligently on closing further tranches of the private, and work to complete the
transaction as quickly as possible."
About Letho Resources Corp.
Letho Resources is an emerging oil and gas production focused company, currently advancing an acquisition of a production asset.
Letho recently announced a Memorandum of Understanding with Anio Oil & Gas Sh.a., which has a Petroleum Licence Agreement for the
Ballsh-Hekal producing oil field in Albania.
To learn more about us, please visit our website at: www.lethoresources.com
ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP
Dimitri Soudas
Chairman of the Board
For more information, please contact:
Sotirios Kapotas
info@lethoresources.com
or Jason Leikam
jleikam@lethoresources.com
Website: www.lethoresources.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES
NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES
HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR
ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE
U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE
DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.
SOURCE: Letho Resources Corp.
