Petromin Resources Ltd. (TSXV:PTR) announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.03 per unit for gross proceeds of up to CAD 300,000 on December 14, 2015. Each unit will be comprised of one common share of the company and one common share purchase warrant. Each warrant will be exercisable into one additional common share of the company at an exercise price of CAD 0.05 per share in the first 12 months and CAD 0.1 per share for the next 12 months.

The transaction is available to all shareholders across Canada who held common shares on or before October 23, 2015, and continue to hold common shares at the time of closing. The securities issued are subject to a four-month hold period. If the transaction is oversubscribed, then the oversubscribed portion is subject to TSX Venture Exchange approval.

The company may pay finder's fee of 10% of the proceeds derived from the shares sold through the finders.