Letho Resources Completes First Tranche of Private Placement
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Letho Resources Completes First Tranche of Private Placement

Monday, October 22, 2018 4:38 PM
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Company Update,Financing

VANCOUVER, BC / ACCESSWIRE / October 22, 2018 / Letho Resources Corp. (the "Company") announces that that it has completed the first tranche of a non-brokered private placement of 884,000 units ("Units"), issued at a price of $0.25 per Unit, for gross proceeds of $221,000. Each unit consists of one common share ("Common Share") and one-half non-transferable common share purchase warrant ("Warrant"). Each full Warrant entitles the holder to acquire one additional Common Shares of the Company at a price of $0.40 per Common Share for eighteen months from the date of issuance.

No finder's fees were paid in connection with the private placement.

The net proceeds of the private placement will be used for general corporate purposes, including due diligence relating to the Company's business combination with Anio Oil & Gas Sh. a. ("Anio"), a private Albanian company that holds a license to the Ballsh-Hekal producing oil field in Albania. Details on the proposed transaction were announced July 10, 2018. The Company is continuing to pursue the closure of the Anio acquisition. The Company also intends to close one or more additional tranches of this private placement for total gross proceeds (in all tranches) of up to $1,500,000 prior to the completion of the transaction.

Quote from Sotirios Kapotas, President and CEO of Letho Resources Corp.

"We wish to express our appreciation to our investors, board and team for their support and confidence in Letho. We are confident that the proposed transaction with Anio will close and that Letho will subsequently increase production of the Ballsh-Hekal oil field. We continue to work diligently on closing further tranches of the private, and work to complete the transaction as quickly as possible."

About Letho Resources Corp.

Letho Resources is an emerging oil and gas production focused company, currently advancing an acquisition of a production asset. Letho recently announced a Memorandum of Understanding with Anio Oil & Gas Sh.a., which has a Petroleum Licence Agreement for the Ballsh-Hekal producing oil field in Albania.

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

ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP

Dimitri Soudas
Chairman of the Board

For more information, please contact:
Sotirios Kapotas
[email protected]
or Jason Leikam
[email protected]

Website: www.lethoresources.com

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

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.

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.

SOURCE: Letho Resources Corp.

Letho Resources Corp.
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