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PETROMIN ANNOUNCES CLOSING OF PRIVATE PLACEMENT
 
PETROMIN ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Monday, 18 June 2012

 

Petromin Resources Ltd.  is pleased to announce that it has completed closing on its non-brokered private placement (“Private Placement”) announced on June 4 2012. Nine million common shares at a price of $0.05 were issued for gross proceeds of $450,000. 4.5 million common share purchase warrants were issued to the placees at the exercise price of $0.10, expiring June 18, 2013.

The Company will pay finder’s fees of $22,500 and finder warrant of 450,000 in connection with the Private Placement. The finder warrant can be exercised to purchase one common share for $0.10 for a period of 12 months following the date of issuance.

All shares issued with respect to the Private Placement are subject to a hold period of four months, expiring October 20, 2012.

The proceeds from the above financings will be used to fund the acquisition of additional oil and gas lands, the work-over and recompletion of some existing wells and for general working capital.

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