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Pennine Petroleum Corp
Symbol PNN
Shares Issued 101,786,027
Close 2016-05-20 C$ 0.02
Market Cap C$ 2,035,721
Recent Sedar Documents

ORIGINAL: Pennine lowers price of placement units to two cents

2016-05-25 02:40 ET - News Release

Received by email:

File: 25.05.2016 PNN NBPP Albania.pdf

  Pennine
  announces
  re-pricing
  of
  C$1.0-million
  non-brokered
  
         financing
  to
  advance
  Albanian
  energy
  project
  
                             NOT
  FOR
  DISTRIBUTION
  TO
  U.S.
  NEWSWIRE
  SERVICES
  
                               OR
  FOR
  DISSEMINATION
  IN
  THE
  UNITED
  STATES
  

  
CALGARY,
  ALBERTA
  (May
  25,
  2016)
   
  Pennine
  Petroleum
  Corporation
  (TSX-Venture:
  PNN)
  
("Pennine"
  or
  the
  "Corporation")
  is
  pleased
  to
  announce
  that
  the
  Corporation
  has
  re-priced
  its
  
non-brokered
  private
  placement,
  originally
  announced
  on
  March
  22,
  2016,
  of
  up
  to
  50,000,000
  
units
  for
  proceeds
  of
  C$1,000,000.
  Each
  unit
  is
  offered
  at
  C$0.02,
  and
  shall
  consist
  of
  one
  
common
  share
  ("common
  share"),
  and
  one
  common
  share
  purchase
  warrant
  ("warrant")
  with
  
an
  exercise
  price
  of
  C$0.05
  for
  a
  period
  of
  one
  year.
  

  
Proceeds
  from
  this
  financing
  will
  be
  used
  for
  the
  following
  items:
  
       dot   $700,000
  to
  enact
  and
  meet
  the
  terms
  of
  a
  production
  sharing
  agreement
  for
  the
  Velca
  
            Block
  in
  Albania;
  
       dot   $100,000
  for
  offering
  costs;
  and
  
       dot   $200,000
  for
  working
  capital.
  

  
"Our
  team's
  significant
  experience
  and
  expertise
  in
  Albania
  will
  contribute
  to
  the
  continued
  
success
  of
  Pennine,"
  says
  Pennine
  president
  and
  CEO
  John
  Garden.
  "We
  thank
  our
  shareholders
  
and
  partners
  for
  their
  support,
  and
  we
  look
  forward
  to
  developments
  in
  the
  coming
  months."
  

  
This
  financing
  is
  subject
  to
  final
  TSX
  Venture
  Exchange
  approval.
  Common
  shares
  and
  warrants
  
are
  subject
  to
  a
  four-month
  hold
  period.
  

  
The
  Velca
  Block
  is
  located
  10
  kilometres
  southeast
  of
  the
  port
  city
  of
  Vlore,
  in
  southern
  Albania,
  
and
  covers
  an
  area
  of
  153,215
  acres
  (239
  square
  miles,
  or
  620
  square
  km).
  The
  hydrocarbon
  
reservoirs
  associated
  with
  the
  Velca
  Block
  are
  Ionian
  subthrust
  carbonates,
  similar
  in
  structure
  
to
  reservoirs
  of
  the
  foothills
  of
  western
  Alberta.
  An
  identified
  structure
  is
  defined
  by
  250
  km
  of
  
2-D
  seismic
  and
  indicates
  a
  structure
  12
  square
  kilometres
  in
  area,
  with
  a
  vertical
  displacement
  
of
  between
  450
  metres
  and
  750
  metres.
  

  
On
  Jan.
  11,
  2016,
  the
  Corporation
  announced
  the
  appointment
  of
  Richard
  Wadsworth,
  P.
  Eng.,
  
to
  its
  board
  of
  directors.
  Mr.
  Wadsworth
  is
  the
  co-founder
  and
  former
  president
  and
  director
  of
  
Bankers
  Petroleum
  Ltd.
  the
  largest
  foreign
  investor
  in
  the
  Republic
  of
  Albania.
  

  
On
  April
  7,
  2016,
  Pennine
  and
  Albpetrol
  Sh.
  A.
  ("Albpetrol"),
  the
  national
  oil
  company
  of
  
Albania,
  agreed
  to
  the
  terms
  of
  the
  production
  sharing
  agreement
  for
  the
  Velca
  Block
  and
  
submitted
  the
  document
  to
  Albania's
  Ministry
  of
  Energy
  and
  Industry
  for
  approval.
  

  
 
  

  
Additional
  details
  related
  to
  Pennine's
  projects
  in
  Albania
  and
  Canada
  can
  be
  viewed
  on
  the
  
Corporation's
  website
  at:
  www.penninecorp.com.
  

  
                                                         -30-
  

  
About
  Pennine
  Petroleum
  Corporation:
  Pennine
  Petroleum
  Corporation
  is
  an
  emerging
  oil
  and
  
gas
  exploration
  and
  development
  company
  (www.penninecorp.com)
  currently
  active
  in
  Albania
  
and
  the
  Canadian
  province
  of
  Alberta.
  

  
For
  further
  information,
  contact:
  

  
Pennine
  Petroleum
  Corporation
  
N.
  Desmond
  Smith
  
T:
  403.277.4421
  
F:
  403.277.4439
  
E:
  des.smith@penninecorp.com
  

  
Dean
  Stuart
  
T:
  403.617.7609
  
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.
  

  
This
  press
  release
  contains
  forward-looking
  statements.
  More
  particularly,
  this
  press
  release
  contains
  
statements
  concerning
  the
  proposed
  terms
  and
  timing
  of
  the
  Offering
  and
  the
  expected
  use
  of
  proceeds.
  The
  
forward-looking
  statements
  contained
  in
  this
  document
  are
  based
  on
  certain
  key
  expectations
  and
  assumptions
  
made
  by
  the
  Corporation.
  Although
  the
  Corporation
  believes
  that
  the
  expectations
  and
  assumptions
  on
  which
  
the
  forward-looking
  statements
  are
  based
  are
  reasonable,
  undue
  reliance
  should
  not
  be
  placed
  on
  the
  forward-
looking
  statements
  because
  the
  Corporation
  can
  give
  no
  assurance
  that
  they
  will
  prove
  to
  be
  correct.
  Since
  
forward-looking
  statements
  address
  future
  events
  and
  conditions,
  by
  their
  very
  nature
  they
  involve
  inherent
  
risks
  and
  uncertainties.
  Actual
  results
  could
  differ
  materially
  from
  those
  currently
  anticipated
  due
  to
  a
  number
  of
  
factors
  and
  risks.
  These
  include,
  but
  are
  not
  limited
  to,
  the
  failure
  to
  obtain
  necessary
  regulatory
  approvals,
  the
  
risk
  that
  the
  transactions
  described
  herein
  are
  delayed
  or
  are
  not
  completed.
  The
  forward-looking
  statements
  
contained
  in
  this
  document
  are
  made
  as
  of
  the
  date
  hereof
  and
  The
  Corporation
  undertakes
  no
  obligation
  to
  
update
  publicly
  or
  revise
  any
  forward-looking
  statements
  or
  information,
  whether
  as
  a
  result
  of
  new
  
information,
  future
  events
  or
  otherwise,
  unless
  so
  required
  by
  applicable
  securities
  laws.
  

  
The
  securities
  of
  Pennine
  have
  not
  been,
  nor
  will
  be,
  registered
  under
  the
  United
  States
  Securities
  Act
  of
  1933,
  as
  
amended,
  and
  may
  not
  be
  offered
  or
  sold
  within
  the
  United
  States
  or
  to,
  or
  for
  the
  account
  or
  benefit
  of,
  U.S.
  
persons
  absent
  U.S.
  registration
  or
  an
  applicable
  exemption
  from
  U.S.
  registration
  requirements.
  This
  release
  
does
  not
  constitute
  an
  offer
  for
  sale
  of
  securities
  in
  the
  United
  States.
  

  
 

File: 25.05.2016 PNN NBPP Albania.doc


Pennine announces re-pricing of C$1.0-million non-brokered financing to advance Albanian energy project

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, ALBERTA (May 25, 2016) - Pennine Petroleum Corporation (TSX-Venture: PNN) ("Pennine" or the "Corporation") is
---> pleased to announce that the Corporation has re-priced its non-brokered private placement, originally announced on Ma
--->rch 22, 2016, of up to 50,000,000 units for proceeds of C$1,000,000. Each unit is offered at C$0.02, and shall consist
---> of one common share ("common share"), and one common share purchase warrant ("warrant") with an exercise price of C$0
--->.05 for a period of one year.

Proceeds from this financing will be used for the following items:
$700,000 to enact and meet the terms of a production sharing agreement for the Velca Block in Albania;
$100,000 for offering costs; and
$200,000 for working capital.

"Our team's significant experience and expertise in Albania will contribute to the continued success of Pennine," says
---> Pennine president and CEO John Garden. "We thank our shareholders and partners for their support, and we look forward
---> to developments in the coming months."

This financing is subject to final TSX Venture Exchange approval. Common shares and warrants are subject to a four-mon
--->th hold period.

The Velca Block is located 10 kilometres southeast of the port city of Vlore, in southern Albania, and covers an area 
--->of 153,215 acres (239 square miles, or 620 square km). The hydrocarbon reservoirs associated with the Velca Block are 
--->Ionian subthrust carbonates, similar in structure to reservoirs of the foothills of western Alberta. An identified str
--->ucture is defined by 250 km of 2-D seismic and indicates a structure 12 square kilometres in area, with a vertical dis
--->placement of between 450 metres and 750 metres.

On Jan. 11, 2016, the Corporation announced the appointment of Richard Wadsworth, P. Eng., to its board of directors. 
--->Mr. Wadsworth is the co-founder and former president and director of Bankers Petroleum Ltd. the largest foreign invest
--->or in the Republic of Albania.

On April 7, 2016, Pennine and Albpetrol Sh. A. ("Albpetrol"), the national oil company of Albania, agreed to the terms
---> of the production sharing agreement for the Velca Block and submitted the document to Albania's Ministry of Energy an
--->d Industry for approval.



Additional details related to Pennine's projects in Albania and Canada can be viewed on the Corporation's website at: 
--->www.penninecorp.com.

-30-

About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and developm
--->ent company (www.penninecorp.com) currently active in Albania and the Canadian province of Alberta.

For further information, contact:

Pennine Petroleum Corporation
N. Desmond Smith
T: 403.277.4421
F: 403.277.4439
E: des.smith@penninecorp.com

Dean Stuart
T: 403.617.7609
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.

This press release contains forward-looking statements. More particularly, this press release contains statements conc
--->erning the proposed terms and timing of the Offering and the expected use of proceeds. The forward-looking statements 
--->contained in this document are based on certain key expectations and assumptions made by the Corporation. Although the
---> Corporation believes that the expectations and assumptions on which the forward-looking statements are based are reas
--->onable, undue reliance should not be placed on the forward-looking statements because the Corporation can give no assu
--->rance that they will prove to be correct. Since forward-looking statements address future events and conditions, by th
--->eir very nature they involve inherent risks and uncertainties. Actual results could differ materially from those curre
--->ntly anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain ne
--->cessary regulatory approvals, the risk that the transactions described herein are delayed or are not completed. The fo
--->rward-looking statements contained in this document are made as of the date hereof and The Corporation undertakes no o
--->bligation to update publicly or revise any forward-looking statements or information, whether as a result of new infor
--->mation, future events or otherwise, unless so required by applicable securities laws.

The securities of Pennine have not been, nor will be, registered under the United States Securities Act of 1933, as am
--->ended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons a
--->bsent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitu
--->te an offer for sale of securities in the United States.




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