VANCOUVER, July 20, 2015 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") to raise aggregate gross proceeds of up to $300,000 through the issuance of up to 6,000,000 units (each a "Unit") at a price of $0.05 per Unit. Each Unit will be comprised of one common share of Petromin and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one additional common share of Petromin at an exercise price of $0.10 per share, at any time for a 2 year period following issuance.
The proceeds of the Private Placement will be used for work-over and recompletion of certain existing wells and for general working capital purposes. Completion of the Private Placement is subject to acceptance by the TSX Venture Exchange. All securities issued in the Private Placement will be subject to a four-month hold period pursuant to applicable securities laws.
A commission and finder's fee of 10% cash and 10% finder's warrants (each a "Finder's Warrant") may be payable to parties at arm's length to the Company that have introduced the Company to certain subscribers to the Private Placement. Each Finder's Warrant will entitle the qualified holder thereof to purchase a common share in Petromin at a price of $0.10 per share, at any time for a one year period following issuance.
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.
For further information please refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the closing of the Private Placement and the total proceeds to be raised in the Private Placement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including the future state of the financial markets and other economic factors. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Petromin Resources Ltd.
For further information: please refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca