Relentless Resources Ltd. (TSXV: RRL.V) closed a previously announced, nonbrokered private placement offering of units, the company said Feb. 11.
The company issued 4,285,714 units, at roughly ten cents each, Relentless said. Each unit is comprised of one common share and half of a share purchase warrant, Relentless said, adding that 2,142,856 warrants were offered.
Gross proceeds were CA$450,000, the company said.
Whole warrants are exercisable until Feb. 10, 2019, at 14 cents per share, the company said.
Additionally, the board of directors approved the issuance of stock options to purchase 428,580 common shares, at 19 cents each, also exercisable until Feb. 11, 2019, Relentless said.
Calgary-based Relentless is an oil and natural gas exploration, development, acquisition and production company.