Dr. Ross Gorrell reports,
VANCOUVER, Sept. 10, 2014 /CNW/ - Petromin Resources Ltd. is pleased to announce a non-brokered private placement (the "Offering") of up to 8,333,333 units. The units will be offered at a price of $0.03 per unit for gross proceeds of up to $250,000. Each unit will be comprised of one common share of the Company and one common share purchase warrant ("warrant"). Each warrant will be exercisable for one common share of the Company for a period of 24 months from the closing date of the Offering. For the first 12 months the exercise price of the warrant is $0.05 per share. For the remaining 12 months the exercise price of the warrant is $0.10 per share. In the event the Offering is oversubscribed, the Company will accept subscriptions up to 50% above the maximum.
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 selling the Units. The finder's fee will consist of a cash payment of 10% of the proceeds derived from the shares sold through the finders.
The company has obtained approval from TSX Venture Exchange to waive $0.05 minimum pricing requirement for an offering up to $250,000. If the offering is over-subscribed, the Company will be applying to the TSX Venture Exchange for a waiver of the $0.05 minimum pricing requirement for the oversubscribed portion. 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 work-overs and recompletions of some existing wells and for general working capital of the Company. No part of the proceeds will be used to pay management fees or to pay Related Parties.
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