Sunset Pacific Petroleum Ltd (TSXV:SPK) announced a non-brokered private placement of up to 7,142,857 units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 500,000 on May 26, 2016. Each unit will consist of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of CAD 0.09 per share for a period of five years.