Proceeds to acquire working interest in petroleum, natural gas rights
By Devika Patel
Knoxville, Tenn., Nov. 15 - Relentless Resources Ltd. said it increased a non-brokered private placement of stock that priced for C$800,000 on Nov. 3. The company will now raise C$1.1 million.
The company will now sell 5.5 million common shares at C$0.20 apiece. The per-share price represents a 20% discount to C$0.25, the closing share price on Nov. 2.
Proceeds will be applied to the C$500,000 cash portion of the C$550,000 purchase price for a full working interest in petroleum and natural gas rights on contiguous lands in southwest Saskatchewan, with the remaining proceeds to be used for general working capital purposes.
Relentless, a junior oil and natural gas company, is based in Calgary, Alta.
| Issuer: | Relentless Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$1.1 million
|
| Shares: | 5.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Pricing date: | Nov. 3
|
| Upsized: | Nov. 15
|
| Stock symbol: | TSX Venture: RRL
|
| Stock price: | C$0.25 at close Nov. 3
|
| Market capitalization: | C$3.56 million
|
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