VANCOUVER, March 4, 2016 /CNW/ – Petromin Resources Ltd. (the “Company”) is pleased to announce that it has completed the third tranche of its non-brokered private placement (the “Offering”) announced on December 14, 2015 and issued 833,333 units (each a “Unit”) at a purchase price of $0.03 per Unit raising gross proceeds of $25,000.
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 28, 2017, and at an exercise price of $0.10 per Warrant Share from March 1, 2017 until February 28, 2018.
The Company paid Wolverton Securities Ltd. a cash finder’s fee totaling $2,200 and issued an aggregate of 73,333 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 July 2, 2016.
It is anticipated that the gross proceeds from the Offering will be used to pay outstanding bills in the approximate amount of $17,000 and the balance of approximately $8,000 for general working capital of the Company. No part of the proceeds will be used to pay management fees or to pay Related Parties.
Petromin Resources Ltd. (TSXV: PTR) is an oil and natural gas exploration and production company listed as a Tier 1 issuer on the TSX Venture Exchange. The Company is currently focused on its core operations, which include four oil and natural gas producing properties in central Alberta, Canada along the Western Canada Sedimentary Basin.