Petromin Announces Private Placements
Monday, 29 June 2009 TSX-V: PTR
VANCOUVER, June 29 /CNW/ - Petromin Resources Ltd. (TSX-V:PTR)
("Petromin" or the "Company") is pleased to announce that it expects to close
a non-brokered private placement.
The offering will involve an issue of 9,500 convertible debentures (the
"Debentures") in denominations of $1,000 and integral multiples of Cdn$1,000,
for a total of Cdn. $950,000. Each Debenture will be convertible into 5,000
common shares in the capital of the Company (the "Common Shares") for each
$1,000 principal amount of Debenture so converted, such that each Common Share
is priced at $0.20 (the "Conversion Price"). The holder of the Debentures will
have the right to convert all or one or more of the Debentures at any time
prior to the maturity date, which date shall be five years and one day after
the closing date (the "Maturity Date"). Interest shall be payable quarterly in
arrears in Canadian dollars, on July 15, October 15, January 15 and April 15,
at 9% per annum.
To the extent that the right to convert the Debentures is not exercised
before the Maturity Date, each unconverted Debenture will automatically
convert into Common Shares at the Conversion Price on the Maturity Date,
whether or not the Debenture is surrendered for conversion, unless the Company
provides the debenture holder five days notice prior to the Maturity Date that
the Debentures shall not convert, in which case the Debentures shall not be so
The proceeds of the offering will be used for further development of the
Company's oil and gas assets and for general corporate purposes.
The offering is subject to certain conditions, including the approval of
the TSX Venture Exchange.
Petromin Resources Ltd. is a progressive international petroleum and
natural gas exploration and production company listed Tier 1 on the TSX
On Behalf of the Board of Directors,
A. Ross Gorrell