Non-brokered deal funds Indonesian Gold projects and working capital
By Devika Patel
Knoxville, Tenn., July 17 - Reliance Resources Ltd. said it raised C$369,750 in the first tranche of a C$1.2 million non-brokered private placement of stock. The deal priced June 22.
The company is selling 8 million common shares at C$0.15 per share. It sold 2,465,000 shares in the initial tranche. The price per share is a 42.31% discount to the June 21 closing share price of C$0.26.
Proceeds will be used at the company's Indonesian Gold projects and for working capital.
The natural resource exploration company is based in Vancouver, B.C.
| Issuer: | Reliance Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$1.2 million
|
| Shares: | 8 million
|
| Price: | C$0.15
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | June 22
|
| Settlement date: | July 17 (for C$369,750)
|
| Stock symbol: | Toronto: GL
|
| Stock price: | C$0.26 at close June 21
|
| Market capitalization: | C$29.92 million
|
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