VANCOUVER, Feb. 26, 2016 /CNW/ - Reliance Resources Limited
(TSXV: RI) ("Reliance" or the "Company") is pleased to announce
that the TSX Venture Exchange (the "TSX-V") has approved the
Company's share consolidation (the "Share Consolidation") on the
basis of one (1) post-consolidation common share for every five (5)
pre-consolidation common shares.
Effective as of the opening of markets on Monday, February 29, 2016, the Company will
commence trading on the TSX-V on a consolidated basis. The
post-consolidated common shares of the Company will be assigned a
new CUSIP number of 76124L104 (ISIN CA76124L1040). Management
anticipates that the Share Consolidation will benefit the Company
by increasing investor interest, improving trading liquidity and
improving the Company's ability to raise additional capital at a
higher price per share. In connection with the Share Consolidation,
the Company will be changing its name to Resource Capital Gold
Corp., which is accompanied by a corresponding change in the
Company's symbol to RCG.
As at the date hereof, there are an aggregate of 122,152,099
common shares issued and outstanding. It is expected that, upon
completion of the Share Consolidation, there will be an aggregate
of approximately 24,430,419 common shares issued and
outstanding.
Management also believes that the name change to Resource
Capital Gold Corp. will better reflect the Company's new focus on
vertical integration into gold project financing and gold
processing together with its ongoing focus on gold production and
exploration in general. The Company is targeting a number of
financial transactions as well as its new advanced stage gold and
silver project in Nevada.
On behalf of the Board of Directors of Reliance
George S.
Young
Chairman and CEO
Neither the 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.
Forward-Looking Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities
laws. Forward-looking information is generally identifiable by
use of the words "believes," "may," "plans," "will," "anticipates,"
"intends," "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about the Nevada gold and silver
option and joint venture, financing requirements and the Company's
future plans, objectives and business strategy.
In connection with the forward-looking information contained
in this news release, the Company has made numerous assumptions,
regarding, among other things, the assumption that the parties will
complete the principal conditions for completion of the
transaction, including but not limited to the receipt of necessary
shareholder and regulatory approvals; and the assumption the
Company will continue as a going concern and will continue to be
able to access the capital required to exercise the option and
advance its projects and continue operations. While the
Company considers these assumptions to be reasonable, these
assumptions are inherently subject to significant uncertainties and
contingencies. In addition, there are known and unknown risk
factors which could cause the Company's actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk
factors include, among others: the inability of the Company to
complete the transaction and exercise the option; the possibility
that the necessary funds cannot be raised; and the possibility that
the Company may not be able to continue as a going concern in the
near term.
All forward-looking information herein is qualified in its
entirety by this cautionary statement, and the Company disclaims
any obligation to revise or update any such forward-looking
information or to publicly announce the result of any revisions to
any of the forward-looking information contained herein to reflect
future results, events or developments, except as required by
law.
SOURCE Reliance Resources Ltd.