Announced in February 1997, N64.com (IGN) wrote the following...

Raze, previously entitled Realms Of Valor, will arrive as Interplay's second fighting title, but of course, this is meant to be taken a little more seriously as a fighting game. Interplay reps said today that although Raze is still in the planning stages, much deliberation is going into it's multiplayer possibilities -- i.e. two-on-two and team combat. And, if you're a Dungeons and Dragons fan, you'll be happy to know that this game will take place in the Forgotten Realms, and is AD&D licensed from TSR.

That's about all the information there is though, the game was never heard of again.

Original source: ign64.ign.com