Pennine Petroleum Corporation (TSX Venture: PNN) announces non-brokered private placement offering
CALGARY, Alberta - June 12, 2014 (www.investorideas.com newswire) Pennine Petroleum Corporation (TSX Venture: PNN or the "Corporation") is pleased to announce that it is offering a non-brokered Private Placement for new capital to accredited investors, in accordance with TSX Venture Exchange Bulletin “Notice to Issuers” dated April 07, 2014 and August 17, 2012 (“Private Placements: Temporary Relief from Certain Pricing Requirements”).
The non-brokered Private Placement intends to raise maximum aggregate gross proceeds of up to $300,000 Cdn. The Corporation intends to use the proceeds for work overs on the Company’s recently acquired strategic acquisition in the Youngstown area of Alberta, on its Success property in Saskatchewan, and certain field operating expenses.
The non-brokered Private Placement will consist of up to 10,000,000 units at $0.03 per unit, consisting of one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at a price of $0.05, exercisable for a period one year from closing.
Use of proceeds will be principally employed in the work over of three wells in the Corporation’s recently acquired strategic asset in Youngstown, Alta., and the Corporation’s well at Success, Sask., in addition to certain surface and mineral lease expenses.
As of the date of this news release, it is anticipated that if the offering of up to $300,000 Cdn is fully subscribed, the Corporation would use: $221,000 to complete well work overs on three of the Corporation’s wells in Youngstown, and one at Success; $26,000 on surface lease and mineral rights expenses; up to $23,000 on general and administrative expenses; and up to $30,000 in finder’s fees. Pennine fully expects to spend the funds as stated; there may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.
This offering will be open for subscription until August 21, 2014.
This Private Placement is subject to a four-month hold period from the date of closing, and is subject to TSX Venture Exchange review and acceptance.
About Pennine Petroleum Corporation:
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Alberta and Saskatchewan.
For further information:
N. Desmond Smith
Pennine Petroleum Corporation
T: 403.277.4421; C: 403.978.9066; F: 403.277.4439
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.
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