Petromin Announces Private Placement
Thursday, 05 March 2015
Resources Ltd.is pleased to announce a non-brokered private
placement (the"Offering") of up to 14,966,666 units. The units will
be offered at a price of $0.03 per unit for gross proceeds of up to $449,000.
Each unit will be comprised of one common share of the Company and one common
share purchase warrant (“warrant”). Each warrant will be exercisable for one
common share of the Company for a period of 24 months from the closing date of
the Offering. For the first 12 months the exercise price of the warrant is
$0.05 per share. For the remaining 12 months the exercise price of the warrant
is $0.10 per share.
Subject to the approval of the
TSX-Venture Exchange, a finder’s fee will be paid by the Company to certain
finders, who are arm’s length parties, for services rendered in selling the
Units. The finder’s fee will consist of a cash payment of 10% of the
proceeds derived from the shares sold through the finders.
The company has obtained approval
from TSX Venture Exchange to waive $0.05 minimum pricing requirement for an
offering up to $449,000. If the offering is over-subscribed, the Company will
be applying to the TSX Venture Exchange for a waiver of the $0.05 minimum
pricing requirement for the oversubscribed portion. All securities issued
pursuant to the private placements will be subject to a four month hold period.
The proceeds from the above
financings will be used to fund the work-overs and recompletions of some
existing wells and for general working capital of the Company. No part of the
proceeds will be used to pay management fees or to pay Related Parties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.