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PETROMIN ANNOUNCES PRIVATE PLACEMENT
 
PETROMIN ANNOUNCES PRIVATE PLACEMENT

Monday, 20 July 2015

– Petromin Resources Ltd. is pleased to announce  a non-brokered private placement (“Private Placement”) to raise aggregate gross proceeds of up to $300,000 through the issuance of up to 6,000,000 units (each a “unit”) at a price of $0.05 per Unit. Each Unit will be comprised of one common share of Petromin and one common share purchase warrant (a “warrant”). Each Warrant will be exercisable to acquire one additional common share of Petromin at an exercise price of $0.10 per share, at any time for a 2-year period following issuance.

 

The proceeds of the Private Placement will be used for work-over and recompletion of certain existing wells and for general working capital purposes. Completion of the Private Placement is subject to acceptance by the TSX Venture Exchange. All securities issued in the Private Placement will be subject to a four-month hold period pursuant to applicable securities laws.

 

A commission and finder’s fee of 10% cash and 10% finder’s warrants (each a “finder’s Warrant”) maybe payable to parties at arm’s length to the Company that have introduced the Company to certain subscribers to the Private Placement. Each Finder’s Warrant will entitle the qualified holder thereof to purchase a common share in Petromin at a price of $0.10 per share, at any time for a one year period following issuance. 

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