PETROMIN COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT
Wednesday, 04 November 2015
Ltd. is pleased to announce that it has completed closing on
the first tranche of its non-brokered private placement (“Private Placement”)
announced on October 26, 2015. 500,000 common shares at a price of $0.03 were issued
for gross proceeds of $15,000. 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 October 28, 2017.
All shares issued
with respect to the Private Placement are subject to a hold period of four
months, expiring February 28, 2016.
The proceeds from
the above financing will be used to pay outstanding trade payables and other general
working capital of the Company.