Mar. 14, 2011 (TheNewswire.ca) --
March 14, 2011 - CALGARY, ALBERTA - Pennine Petroleum Corporation (TSXV:PNN) (PNN on TSX.V)(the "Company") is pleased to announce it has closed a non-brokered private placement of 17,364,000 units at a price of $0.05 per unit effective March 11th, 2011.
Each unit consists of one common share and one share purchase warrant which is exercisable into one common share at an exercise price of $0.10 for a period of 2 years from the date of closing. In the event the Common Shares of the Company trade on the TSX V exchange at a weighted average price of $0.30 per share or greater for a period of 15 trading days, after the hold period of the Private Placement, the Company may provide notice in writing to the holders of the Warrants that the expiry date of the Warrants will be accelerated to a date no earlier than the 30th day after the date on which it gives notice to the Warrant holders. A finder's fee and finder's warrants have been paid in conjunction with this financing. The securities issued pursuant to the Financing will all be subject to a 4 month regulatory hold period commencing from the date of closing. The Financing is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
Proceeds from this financing will be used for general working capital purposes and potential acquisition and development of oil and gas properties.
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company active in Alberta, Saskatchewan, and British Columbia. The Company's strategy is based on increasing cash flow by focusing on drilling and well re-completions on selective land areas where it currently operates.
For further information, contact:
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
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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