/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
VANCOUVER, Dec. 13, 2012 /CNW/ - Petromin Resources Ltd. ("Petromin",or the "Company") announces cancelling of 4,000,000 flow-through units (the "FT Units") at a price of $0.25 per FT Unit. In replacement, the Company will
offer up to 8,500,000 FT units at a price of $0.12 per FT Unit. The
offering of up to 5,000,000 non-flow-through units ("NFT Units") at a
price of $0.10 per NFT Unit remains unchanged from the news announced
on November 14, 2012.
Each FT Unit will be comprised of one flow-through common share (a "FTShare") of the Company and one-half of one common share purchase warrant.
Every whole Warrant will be exercisable into a common share (a "Warrant Share") in the capital of the Company at a price of $0.15 per Warrant Share
until the close of business on that day that is one year after the date
(the "Closing Date") of the Offering.
Subject to the approval of the TSX-Venture Exchange (the "TSX-V"), a finder's fee will be paid by the Company to certain finders, who
are arm's length parties, for services rendered in introducing certain
investors to the Offering. The finder's fee will consist of a cash
payment of 10% of the proceeds derived from the FT Units sold to
purchasers introduced to the Company by the finders.
The Offering is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals including the approval of
the TSX Venture Exchange and the securities regulatory authorities. All
securities issued pursuant to the private placements will be subject to
a four month hold period.
The proceeds from the Offering will be used to fund the acquisition of
additional oil and gas lands and general working capital. The
flow-through portion will be used to fund the drilling of additional
About Petromin Resources Ltd.
Petromin is progressive international petroleum and natural gas
exploration and production Company listed Tier 1 on the TSX Venture
Exchange. Petromin was ranked 24th of the Top 100 Fastest Growing
Companies in BC by Business in Vancouver in 2009 based on a 704%
revenue increase over the previous 4 years.
Neither 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.
SOURCE: Petromin Resources Ltd.
For further information:
PETROMIN RESOURCES LTD.
1120-1090 W. Pender Street
Vancouver, B.C. V6E 2N7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Ross Gorrell