Petromin Closes First Tranche of Private Placement

VANCOUVER, Dec. 16. 2015 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company") is pleased to announce that it has completed the first tranche of its non-brokered private placement (the "Offering") announced on December 14, 2015 and issued 983,000 units (each a "Unit") at a purchase price of $0.03 per Unit raising gross proceeds of $29,490.

Each Unit consists of one common share ("Common Share") and one transferable share purchase warrant ("Warrant") of Petromin. Each Warrant is exercisable for one common share of the Company (a "Warrant Share") at an exercise price of $0.05 per Warrant Share until December 15, 2016, and at an exercise price of $0.10 per Warrant Share from December 16, 2016 until December 15, 2017.

The Company paid Leede Financial Markets Inc a cash finder's fee totaling $600 and issued an aggregate of 20,000 common shares on this portion of the Offering. All securities issued with respect to the Offering are subject to a hold period of four months, expiring on April 16, 2016.

It is anticipated that the gross proceeds from the Offering will be used to pay outstanding trade bills in the approximate amount of $22,000 and the balance of approximately $7,000 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.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the use of the total proceeds to be raised in the Offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including the future state of the financial markets and other economic factors. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

SOURCE Petromin Resources Ltd.

Ross Gorrell, President and Chief Executive Officer, PETROMIN RESOURCES LTD., 550-800 West Pender Street, Vancouver, BC V6C 2V6 Telephone: [phone], Fax: [phone]