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Pennine Petroleum Corp
Symbol PNN
Shares Issued 63,539,860
Close 2014-07-30 C$ 0.03
Market Cap C$ 1,906,196
Recent Sedar Documents

Pennine sells 3.5 million private placement shares

2014-07-31 02:26 ET - News Release

Mr. N. Desmond Smith reports

DIRECTORS PARTICIPATE IN PENNINE PETROLEUM CORPORATION'S NON-BROKERED PRIVATE PLACEMENT

Further to a previous news release dated June 13, 2014, concerning Pennine Petroleum Corp.'s offering of a non-brokered private placement, the directors of the corporation have sold an aggregate of 3.5 million common shares, at a price of three cents per share, to members of the public through the assistance of the Dundee Goodman Private Wealth division of Dundee Securities Ltd. None of the common shares sold by the directors are subject to hold periods. Subsequent to the sale of common shares, the directors will, subject to final acceptance of the corporation's submissions to the TSX Venture Exchange, acquire up to 50 per cent, or five million units, of the non-brokered private placement announced on June 13, 2014.

The non-brokered private placement will consist of up to 10 million units, at three cents per unit, for total proceeds of $300,000. Each unit is composed 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 five cents, exercisable for a period of one year from closing.

The corporation will use the proceeds of up to $300,000, if the offering is fully subscribed, in the following manner: $221,000 to complete well workovers on two wells in the Youngstown area and one well in the Castor area of east-central Alberta, as well as one well at Success in Saskatchewan; $26,000 on surface lease and mineral rights expenses; up to $23,000 on general and administrative expenses; and up to $30,000 on finders' fees.

The Castor property contains a natural gas well that is 500 metres from transportation infrastructure. The well will be re-entered in the Mannville formation, where, after a 90-minute drill stem test over the target zone was conducted, maximum natural gas rates of 629,000 cubic feet per day were recorded with 59 feet of drilling mud.

This non-brokered 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.

We seek Safe Harbor.

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