Petromin Completes Second Tranche of Private Placement
Wednesday, 03 February 2016
Petromin is pleased to announce that it has completed the second tranche of its non-brokered private placement (the "Offering") announced on December 14, 2015 and issued 2,023,268 units (each a "Unit") at a purchase price of $0.03 per Unit raising gross proceeds of $60,698. The offering is open to the public until March 1, 2016.
Each Unit consists of one common share ("Common Share") and one 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 February 1, 2017, and at an exercise price of $0.10 per Warrant Share from February 2, 2017 untilFebruary 1, 2018.
The Company paid Leede Financial Markets Inc a cash finder's fee totaling $150 and issued an aggregate of 5,000 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 June 3, 2016.
It is anticipated that the gross proceeds from the Offering will be used to pay outstanding trade bills in the approximate amount of $50,000 and the balance of approximately $10,000 for general working capital of the Company. No part of the proceeds will be used to pay management fees or to pay Related Parties.