Reliance completes second tranche of private placement

By Romel S. Gurky

Vancouver-based firm Reliance Resources Limited announced the completion of second tranche of non-brokered private placement with the issuance of an aggregate of 4,627,627 common shares at a price of $0.15 per share for gross proceeds of approximately $694,144.

It said that the shares issued in this tranche are subject to a four month hold period expiring on November 19, 2012.

Proceeds from the private placement will be used to fund the company's Indonesian Gold projects and for working capital.

Editing by Adianto P. Simamora