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.