Proceeds from non-brokered deal used to buy petroleum, gas assets
By Devika Patel
Knoxville, Tenn., Nov. 23 - Relentless Resources Ltd. announced it completed a non-brokered private placement of stock.
The company sold 5.5 million common shares at C$0.20 per share for C$1.1 million. The price per share reflects a 16.67% discount to the Nov. 22 closing share price of C$0.24.
The company also said it has closed an acquisition of a 100% working interest in petroleum and natural gas rights on contiguous lands in southwest Saskatchewan for C$550,000. The company paid C$50,000 of the purchase price by issuing 500,000 common shares at a deemed price of C$0.10 per share and the balance with a cash payment of C$500,000.
Part of the proceeds from the placement was applied to the C$500,000 cash portion of the purchase price for the assets, with the balance of the proceeds to be used for general working capital purposes.
Relentless is a junior oil and natural gas company in Calgary, Alta.
| Issuer: | Relentless Resources Ltd.
|
| Issue: | Common stock
|
| Amount: | C$1.1 million
|
| Units: | 5.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 23
|
| Stock symbol: | TSX Venture: RRL
|
| Stock price: | C$0.24 at close Nov. 22
|
| Market capitalization: | C$3.56 million
|
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