PETROMIN ANNOUNCES PRIVATE PLACEMENT
Wednesday, 14 November 2012
Ltd. (“Petromin”, or the “Company”) is pleased to announce a
non-brokered private placement (the “Offering”)
of up to 5,000,000 non-flow-through units (“NFTUnits”) at a price of $0.10 per NFT Unit and up to 4,000,000
flow-through units (the “FT Units”)
at a price of $0.25 per FT Unit.
Each NFT Unit will be comprised of one common share (a “NFTShare”) of the Company and one-half of one
common share purchase warrant (each being a “Warrant”). Each FT Unit will
be comprised of one NFT Share, one flow-through common share (a “FTShare”) of the Company and twoWarrants. Every whole Warrant will be exercisable into
a non-flow-through common share (a “Warrant
Share”) in the capital of the Company at a price of $0.15 per Warrant Share
until the close of business on that day that is one year after the date (the “Closing Date”) of the Offering.
Subject to the approval of the TSX-Venture Exchange (the “TSX-V”), a finder’s fee will be paid by
the Company to certain finders, who are arm’s length parties, for services
rendered in introducing certain investors to the Offering. The finder’s fee will consist of a cash
payment of 10% of the proceeds derived from the NFT Units and FT Units sold to
purchasers introduced to the Company by the finders.
The Offering is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals including the approval
of the TSX Venture Exchange and the securities regulatory authorities. All
securities issued pursuant to the private placements will be subject to a four
month hold period.
The proceeds from the Offering will be used to fund the
acquisition of additional oil and gas lands, the workover and recompletion of
some existing wells and for general working capital.