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Petromin Resources Ltd Announces Private Placement

Thursday, 13 Dec 2012 04:53pm EST 

Petromin Resources Ltd announced 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 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 exploration/development wells. 

Company Quote

23 Oct 2014