Letho Resources Corp.
Wednesday, May 16, 2018 - 9:45 AM EDT

Letho Announces up to $2.5 Million Non-Brokered Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.



Vancouver, British Columbia (FSCwire) - Letho Resources Corp. (the “Company”) is pleased to announce that it will carry out a non-brokered private placement of up to 10,000,000 shares at $0.25 per share, for gross proceeds of up to $2,500,000. In connection with the private placement, the Company may pay finder’s fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.

 

On May 11, 2018, the Company announced that it had entered into a memorandum of understanding (the “MOU”) in regards to a business combination transaction with Anio Oil & Gas Sh.a. (“Anio”), a private company registered in Albania which holds a license to a producing oil field in Albania. If completed, the business combination transaction would result in a reverse takeover of the Company by Anio. The net proceeds from the private placement will be used by the Company to fund its obligations under the MOU as well as for general working capital. The Company intends to close the private placement as soon as practicable.

 

Trading Halt and Cautionary Statement

 

Trading of the Company’s shares remains halted on the TSX Venture Exchange and it is expected that the trading halt will continue until submissions to the TSX Venture Exchange for the business combination transaction with Anio have been completed to the satisfaction of the TSX Venture Exchange or until it determines otherwise in its discretion.

 

Completion of the business combination transaction with Anio is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the business combination transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the business combination transaction will be completed as proposed or at all.

 

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the proposed business combination transaction, any information released or received with respect to the business combination transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company, once resumed, should be considered highly speculative.

 

The TSX Venture Exchange has in no way passed upon the merits of the proposed business combination transaction and has neither approved nor disapproved the contents of this news release.

 

To learn more about us, please visit our website at: www.lethoresources.com

 

ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP.

 

Bryson Goodwin,

President & CEO

 

For more information, please contact:

 

Bryson Goodwin (604) 341-1531

Website: www.lethoresources.com

 

Forward-Looking Statements

 

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. Such statements include the terms of the proposed private placement (including proposed use of proceeds) and the terms of the proposed business combination with Anio. These statements reflect management’s current estimates, beliefs, intentions and expectations and are not guarantees of future performance. Such statements are based upon certain assumptions which Letho’s management believes to be reasonable, including assumptions relating to the availability of funds to complete the private placement, the nature of Anio’s assets and the expected conditions to closing. Letho cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Letho’s control. Such factors include, among other things: risks and uncertainties relating to Letho’s ability to complete the proposed private placement and satisfying the conditions to closing of the business combination transaction, including the completion of satisfactory due diligence. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Letho undertakes no obligation to publicly update or revise forward-looking information.

 

NEITHER 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.







Source: Letho Resources Corp. (TSX Venture:LET)

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