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.
ON BEHALF OF THE BOARD OF DIRECTORS
PETROMIN RESOURCES LTD.
A. Ross Gorrell,
President and Chief Executive Officer
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 press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the anticipated results of the Legal Actions. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with any litigation proceedings or settlements, or costs incurred in connection therewith.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE Petromin Resources Ltd.
For further information: A. Ross Gorrell, the Company's President and Chief Executive Officer, at 604-682-8831, or refer to the Company's profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.petromin.ca.