PETROMIN COMPLETES PRIVATE PLACEMENT
Friday, 21 November 2014
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.