/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, June 18, 2012 /CNW/ - Petromin Resources Ltd. (the "Company") is pleased to announce that it has completed closing on its non-brokered private placement ("Private Placement") announced on June 4 2012. 9,000,000 common shares at a price of $0.05 were issued for gross proceeds of $450,000. 4,500,000 common share purchase warrants were issued to the placees at the exercise price of $0.10, expiring June 18, 2013.
The Company will pay finder's fees of $22,500 and finder warrant of 450,000 in connection with the Private Placement. The finder warrant can be exercised to purchase one common share for $0.10 for a period of 12 months following the date of issuance.
All shares issued with respect to the Private Placement are subject to a hold period of four months, expiring October 20, 2012.
The proceeds from the above financings will be used to fund the acquisition of additional oil and gas lands, the work-over and recompletion of some existing wells and for general working capital.
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.
For further information:
PETROMIN RESOURCES LTD.
390-1090 W. Georgia St.
Vancouver, B.C. V6E 3V7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Ross Gorrell