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Petromin Announces Private Placement
 
Petromin Announces Private Placement

Monday, 14 December 2015

Petromin Resources Ltd.is pleased to announce a non-brokered private placement (the"Offering") of up to 10,000,000 units. The units will be offered at a price of $0.03 per unit for gross proceeds of up to $300,000. 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.  The Offering is available to all shareholders across Canada who held common shares on or before October 23, 2015, and continue to hold common shares at the time of closing. 

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 finders may receive from the Issuer a cash finder’s fee equal to up to 10% of the aggregate gross proceeds raised in the Offering from Purchasers at arm’s length to the Issuer who were introduced to the Issuer by the Finder and such number of common shares of the Issuer that is equal to 10% of the number of Units issued in the Offering from Purchasers at arm’s length to the Issuer who were introduced to the Issuer by the Finder

The company has obtained approval from TSX Venture Exchange to waive $0.05 minimum pricing requirement for an offering up to $300,000. 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. Shares issued pursuant to the private placements won’t be voted for the upcoming December 29 2015 Annual General and Special Meeting (“2015 AGM”), as the record date of the “2015 AGM” is November 12, 2015.

The proceeds from the above financings will be used to pay outstanding trade bills 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
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