Petromin Completes First Tranche of Private Placement
Wednesday, 18 March 2015
Ltd. (the “Company”) is pleased to announce that it has completed closing on
the first tranche of its non-brokered private placement (“Private Placement”)
announced on March 5, 2015. 10,133,333 common shares at a price of $0.03 were issued
for gross proceeds of $304,000. 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 March 18, 2017. The Company will
pay finder’s fee of $300 in cash and 130,000 in common shares 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 July 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.
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.