/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES SECURITIES
LAW./
CALGARY, March 14, 2017 /CNW/ - Return Energy Inc.
("Return" or the "Company") (TSX-V: "RTN") is pleased
to announce that it has closed an initial tranche of its previously
announced non-brokered private placement comprised of common share
units (the "Units") and Canadian exploration expense
flow-through shares ("CEE FTS") (collectively, the
"Offering").
Under this tranche of the Offering, Return issued 16,700,399
Units at a price of $0.12 per Unit
for aggregate gross proceeds of $2,004,047.88, as well as 715,000 CEE FTS at a
price of $0.14 per CEE FTS for
aggregate gross proceeds of $100,000
for total gross proceeds under this tranche of the Offering of
$2,104,147.88.
Each Unit issued consisted of one Return common share
("Common Share") and one full Common Share purchase warrant
("Warrant"). Each whole Warrant is exercisable by the
holder to purchase one Common Share for a period of 12 months from
the Closing Date ("Warrant Exercise Period") at a price of
$0.15 ("Warrant Exercise
Price"). The Warrants are subject to an Accelerated
Warrant Expiry (defined below). The CEE FTS were issued pursuant to
the Income Tax Act (Canada)
in respect of Canadian exploration expenses.
Each Warrant will entitle the holder thereof to purchase one
Common Share at any time prior to 5:00
p.m. (Calgary Time) on or before the earlier of the date
that is: (a) one year from the completion of the Offering; and (b)
30 days after the giving of notice of early termination by Return.
Such notice may be given by the Company, in its sole discretion, if
the volume-weighted average price of the Common Shares on the TSX
Venture Exchange exceeds the Warrant Exercise Price by at least
200% for a minimum of 10 consecutive trading days (whether or not
trading of Common Shares occurs on all such days, provided that the
Common Shares trade on at least five of such trading days).
The proceeds of this issuance will be used by Return to further
its development activities in the Rycroft, Gordondale, Valhalla areas of Alberta.
The non-brokered private placement remains open and the Company
may close additional tranches under this Offering. The completion
of the Offering is subject to the Company receiving all necessary
regulatory approvals, including final approval from the TSX Venture
Exchange.
For further information
This news release is reproduced on Return's website
at www.returnenergyinc.com.
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.
Reader Advisories
Forward-Looking Statements. This news release contains
forward-looking statements and information. More particularly, this
document contains statements and information concerning the timing
and closing of additional tranches of the Offering and the use of
proceeds received under the Offering, including as has been
received in this initial closing. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "will", "believe", "anticipate", "estimate",
"scheduled", "potential", or other similar words, or statements
that certain events or conditions "may", "should" or "could"
occur. The forward-looking statements and information are
based on certain key expectations and assumptions made by Return,
including expectations and assumptions concerning timing of receipt
of required regulatory approval and the satisfaction of other
conditions to the completion of the Offering. Although Return
believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Return can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks that required regulatory
approvals are not obtained. The reader is cautioned that
assumptions used in the preparation of such information, although
considered reasonable by the Company at the time of preparation,
may prove to be incorrect and readers are cautioned not to place
undue reliance on forward-looking information, which speaks only as
of the date hereof. The Company does not undertake any obligation
to release publicly any revisions to forward-looking information
contained herein to reflect events or circumstances that occur
after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required under applicable securities
laws.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
securities in the United States or
in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under securities laws of any such province, state or
jurisdiction. The securities referenced herein may not be
offered or sold in the United
States except in transaction exempt from or not subject to
the registration requirements of the United States Securities Act
of 1933, as amended, and applicable state securities laws.
This news release is not to be disseminated in the United States.
SOURCE Return Energy Inc