Relentless Resources Ltd.

Relentless Resources Ltd.

October 31, 2011 17:40 ET

Relentless Resources Closes $1,000,000 Flow-Through Offering

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2011) - Relentless Resources Ltd. ("Relentless" or "the Company")(TSX VENTURE:RRL) is pleased to announce that the previously disclosed non-brokered private placement offering has closed fully-subscribed on the issuance of 2,500,000 "flow-through" common shares at a price of $0.40 per share for gross proceeds of $1,000,000. In connection with the offering, the Company paid an arm's-length party a finder's fee of $22,125.00 and issued finders warrants exercisable into 22,125 common shares at a price of $0.40 per share for a period of 12 months from the closing date.

The proceeds from the offering will be applied to the drilling and completion of the Company's second horizontal oil well on its lands located in south-west Saskatchewan, such expenditures to constitute Canadian exploration expenses (as defined under the Income Tax Act (Canada)) that will be renounced for the 2011 taxation year.

Closing of the private placement is subject to final approval of the TSX Venture Exchange (the "Exchange"). All securities issued at the initial closing are subject to a four month hold period in accordance with applicable securities laws, expiring on March 1, 2012.

As two of the Company's directors participated in the offering by subscribing for "flow-through" common shares, such transaction constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, as the Company is not listed on the specified markets in MI 61-101 and neither the fair market value of any securities issued to or the consideration paid by such person will exceed 25% of the Company's market capitalization, the private placement is exempt from the formal valuation and minority approval requirements for a related party transaction.

About Relentless Resources Ltd.

Relentless is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and light gravity crude oil reserves in Alberta and Saskatchewan. Relentless' common shares trade on the TSX Venture Exchange under the symbol RRL.

Relentless' primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.

Reader Advisory

This Press Release contains certain forward-looking information and statements with the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "confident", "might", "proposed" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this Press Release contains forward-looking information and statements pertaining to expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results or performance. Relentless's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so what benefits Relentless will derive there from. Relentless disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws.

This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

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