VANCOUVER,
Feb. 24, 2012 /CNW/ - Reliance Resources Limited (the
"Company") (TSX:RI) wishes to announce that it has applied to the
Toronto Stock Exchange (the "Exchange") and has received conditional
approval to extend the terms of an aggregate of 2,250,000 common share
purchase warrants (the "Warrants") which were issued pursuant to a
brokered private placement (the "Private Placement") which closed on
March 1, 2012 (250,000 of the Warrants were issued to the agent in
consideration for services provided in connection with the Private
Placement). Each Warrant entitles the holder to acquire one common
share in the capital of the Company at an exercise price of
$0.65 per
common share until
March 1, 2012. No Warrants issued under the Private
Placement have been exercised to date, and none of the Warrants are
held, directly or indirectly, by any insiders of the Company. The
Company has received conditional approval from the Exchange to extend
the term of the Warrants for an additional year to
March 1, 2013.
The statements herein that are not historical facts are forward-looking
statements. These statements address future events and conditions and
so involve inherent risks and uncertainties, as disclosed under the
heading "Risk Factors" in the company's periodic filings with Canadian
securities regulators. Actual results could differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement.
For further information: Media Information, contact:
Scott Emerson, President
and Director
se@relianceresources.com
Investor Information, contact:
Mike Kordysz, Investor
Communications
mk@relianceresources.com
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