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Announces Private Placement of Common Shares to Generate Proceeds Up to C$20M
May 28, 2009 12:13PM
May 28, 2009
Oromin Explorations Ltd. Announces Private Placement of Common Shares to Generate Proceeds of Up to C$20,000,000
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) -
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
Oromin Explorations Ltd. (TSX:OLE)(OTCBB:OLEPF) announced today that it has entered into an agreement pursuant to which a group of agents has agreed to complete a best efforts private placement of common shares at a price of $0.70 per share to raise up to C$15,000,000. The agents have been provided with an option to increase the size of the placement by an additional $5,000,000, which option must be exercised at least 48 hours prior to the closing of the placement.
The closing of the placement of the common shares is expected to occur on or about June 16, 2009 and is subject to receipt of all necessary regulatory approvals, including that of the Toronto Stock Exchange.
Proceeds of the placement will be used for Oromin's Sabodala gold project in Senegal and its Santa Rosa Dome oil and gas project in Argentina as well as for general working capital.
The Company has agreed to pay the agents a commission of 7% of the gross proceeds of the Placement.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.