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VANCOUVER, June 4, 2012 /CNW/ - Petromin Resources Ltd. ("Petromin" or, the "Company") is pleased to announce a non-brokered private placement (the "offering") of up to 9,000,000 units ("Units"). Each Unit will be comprised of one common share of the Company ("Common Share") and one half of a common share purchase warrant (a "Warrant"). The Units will be offered at а price of $0.05 per Unit for aggregate gross proceeds of up to $450,000. Each whole Warrant will be exercisable for one common share of the Company for a period of 12 months from the closing date of the Offering at an exercise price of $0.10.
Subject to the approval of the TSX-Venture Exchange, 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 Units sold through the finders, up to a maximum of $22,500 and additional warrants equal to 10% of the aggregate number of Units subscribed for by investors introduced to the Company by the finders. The finder warrant can be exercised to purchase one common share for $0.10 for a period of 24 months following the date of issuance.
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 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