Petromin Closes First Tranche of Private Placement
Wednesday, 16 December 2015 Petromin Resources Ltd. is pleased to announce that it has completed the first tranche of its non-brokered private placement (the "Offering") announced on December 14, 2015 and issued 983,000 units (each a "Unit") at a purchase price of $0.03 per Unit raising gross proceeds of $29,490.
Each Unit consists of one common share ("Common Share") and one transferable share purchase warrant ("Warrant") of Petromin. Each Warrant is exercisable for one common share of the Company (a "Warrant Share") at an exercise price of $0.05 per Warrant Share until December 15, 2016, and at an exercise price of $0.10 per Warrant Share from December 16, 2016 until December 15, 2017.
The Company paid Leede Financial Markets Inc a cash finder's fee totaling $600 and issued an aggregate of 20,000 common shares on this portion of the Offering. All securities issued with respect to the Offering are subject to a hold period of four months, expiring on April 16, 2016.
It is anticipated that the gross proceeds from the Offering will be used to pay outstanding trade bills in the approximate amount of $22,000 and the balance of approximately $7,000 for general working capital of the Company. No part of the proceeds will be used to pay management fees or to pay Related Parties.