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PETROMIN COMPLETES PRIVATE PLACEMENT
 
PETROMIN COMPLETES PRIVATE PLACEMENT

Friday, 21 November 2014

Petromin Resources Ltd. is pleased to announce that it has completed closing on the first tranche of its non-brokered private placement (“Private Placement”) announced on September 10, 2014. One million two hundred seventy-five thousand common shares at a price of $0.03 were issued for gross proceeds of $38,250. The same amount of common share purchase warrants were issued to the placees at the exercise price of $0.05 in the first year and $0.10 in the second year, expiring November 19, 2016. The Company will pay finder’s fee of $1,425 in connection with the Private Placement.

 

All shares issued with respect to the Private Placement are subject to a hold period of four months, expiring March 19, 2015.

 

The proceeds from the above financing will be used to fund the work-over and recompletion of some existing wells and for general working capital of the Company.

 

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