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Relentless Resources Announces Increase to Previously Announced Private Placement
Relentless Resources Announces Increase to Previously Announced Private Placement ...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nRelentless Resources Announces Increase to Previously Announced Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 1, 2018\n\n\n\nTSX-Venture Exchange: RRL\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. /\n\n\n\nCALGARY, March 1, 2018 /CNW/ - Relentless Resources Ltd. (\"Relentless\" or the \"Company\") is pleased to announce that, as a result of excess demand, the Company has increased the size of its previously announced private placement of units of the Company (\"Units\") from $7,500,000 to $8,250,000 (the \"Private Placement\"). \n\nAs previously disclosed, each Unit will be comprised of one Common Share and, in the case of subscriptions by directors, officer and other insiders of the Company, one Common Share purchase warrant (a \"Warrant\") and, in the case of all other subscribers, one-half of one Warrant. Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.10 for a period of five years. The Warrants will vest and become exercisable as to one-third upon the 20-day weighted average trading price of the Common Shares (the \"Market Price\") equaling or exceeding $0.12, an additional one-third upon the Market Price equaling or exceeding $0.16 and a final one-third upon the Market Price equaling or exceeding $0.20. \n\nThe completion of the Private Placement is expected to occur on or about March 21, 2018, and may be completed in one or more tranches (the \"Closing\"). The Private Placement remains is subject to applicable regulatory approval, including the approval of the TSX Venture Exchange (\"TSXV\"). \n\nProceeds from the Private Placement, together with proceeds from the previously announced proposed rights offering (the \"Rights Offering\") will be used to establish a presence of the Company in the Canadian cannabis sector by: (i) making investments and deposits in connection with letters of...