Not for Distribution to United States Wire Services or Dissemination in the United
States
VANCOUVER, BC / ACCESSWIRE / March 19, 2019 / LETHO RESOURCES CORP. (TSX-V:LET) (the
"Company") announces that it has completed the second tranche of a non-brokered private placement of 3,232,000
units ("Units"), issued at a price of $0.25 per Unit, for gross proceeds of $808,000. 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.
Finder's fees for the amount of $63,840 were paid in 255,360 Units to agents 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"). As previously disclosed, subject to the approval of the TSX
Venture Exchange, the Company may also advance up to $500,000 of the proceeds of the Private Placement to Anio, a private Albanian
company that holds a license to the Ballsh-Hekal producing oil field in Albania. Details on the proposed loan to Anio and the
transaction were announced July 10, 2018. The Company is continuing to pursue the closure of the Anio acquisition. Gross funds
raised from the first and second tranches of the private placement equal $1,029,000. 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 are excited for the contribution of these investors to our private placement as they confirmed their support and
confidence in Letho. This support will initiate a momentum for funding the transaction with Anio and increase our shareholder value
by increasing production of the Ballsh-Hekal oil field. We are now ready to start planning 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.
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 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
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
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.
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.
