REC Record Resources Inc

Reliant Gold Corp. ("Reliant" or the "Corporation") (TSX VENTURE:REC) is pleased
to announce that it has, effective October 16, 2012, settled outstanding
indebtedness of $62,137.64 through the issuance of common shares of the
Corporation ("Common Shares") at a deemed price of $0.075 per Common Share (the
"Debt Settlement"), subject to receipt of final acceptance from the TSX Venture
Exchange ("Exchange"). The deemed issue price of $0.075 per Common Share of the
Debt Settlement represents a significant premium to the market price of the
Common Shares at the close of trading on October 15, 2012 of $0.03 per Common
Share. A total of 828,501 Common Shares were issued under the Debt Settlement,
which extinguished certain debts owed by the Corporation to certain officers and
directors of the Corporation for professional and management services rendered
by them to the Corporation. The Debt Settlement was completed in order to
preserve and conserve the cash reserves of the Corporation.


The Common Shares issued pursuant to the Debt Settlement will be subject to a
four-month restricted resale period, which will expire on February 17, 2013.


The Corporation received conditional acceptance from the Exchange for the
aforesaid Debt Settlement by way of a letter dated October 15, 2012, and the
Company expects to file all final documents with the Exchange on an expedited
basis in order to obtain final acceptance.


The Debt Settlement occurred on October 16, 2012, as the Corporation immediately
required the working capital freed up by the Debt Settlement in order to satisfy
its other operational and corporate obligations.


Immediately following the completion of the Debt Settlement, there were
22,145,169 Common Shares of the Corporation issued and outstanding.


ABOUT RELIANT

Reliant is a junior mineral exploration company with an experienced management
team engaged in the acquisition, exploration and development of properties for
the mining of precious and base metals and uranium. The Company holds: (i) a
100% interest in the Borden Lake South Property, comprised of 20 mining claims
representing 294 claim units covering approximately 4,704 hectares, located 10
kilometres east of the Town of Chapleau, Ontario and (ii) an option to acquire a
100% interest in the MC Dalhousie Property located in northwestern British
Columbia, Canada. The common shares of Reliant trade on the TSX Venture Exchange
under the stock symbol "REC".


No securities commission or regulatory authority has approved or disapproved the
contents of this press release.

Record Resources (TSXV:REC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Record Resources (TSXV:REC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024