PETROMIN ANNOUNCES CLOSING OF TERRAWEST PRIVATE PLACEMENT
Wednesday, 06 April 2011
Vancouver, British Columbia, April 4, 2011 – Petromin Resources Ltd. (“Petromin” or, the “Company”) announces that TerraWest Energy Corp. (“TerraWest”) closed the second tranche of the private placement (the “Private Placement”) with Aces Diamond International Ltd. (“Aces”) of 63 million units at a subscription price of $3,150,000. Aces is a wholly-owned subsidiary of Enviro Energy International Holdings Ltd.
Reference is made to the announcement of the Company dated July 30, 2010 in relation to the subscription for 90 million units in Terrawest by Aces.
Prior to the date hereof, Aces has completed subscription for 27 million units out of the 90 million units at a subscription price of $1,350,000. On April 1, 2011, Aces completed the subscription for the remaining 63 million units to close the subscription agreement entered into On July 25, 2010. The subscription will provide Terrawest with the necessary finances to complete its annual drilling program and continue to meet its commitments under its coalbed methane production sharing contract with China United Coalbed Methane Corp., Ltd.
Following the closing of the Private Placement, Petromin holds an approximately 22.28% equity interest in TerraWest, or approximately 12.23% on a fully diluted basis.