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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (10771)	5/19/1998 5:10:00 PM
From: SofaSpud	Respond to of 15196

FINANCING / PETROMIN RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT ARRANGEMENT Vancouver, May 19 /CNW/ - Petromin Resources Ltd. Vancouver Stock Exchange: ''PTR'' Petromin Resources Ltd. (The ''Company'') announces that a private placement of 1,000,000 Units at a price of $0.50 per Unit has been arranged subject to regulatory approval for total proceeds of $500,000. Each private placement Unit consists of one common share without par value, one flow-through common share without par value, and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one further flow-through common share of the Company for a period of six months at a price of $0.35. A finder's fee will be payable on the private placement. The proceeds of the private placement will be used to finance drilling operations at the Company's Chamberlain Horizontal Drilling Project near Edmonton, Alberta, and for general working capital purposes. ON BEHALF OF THE BOARD OF DIRECTORS Timothy S. Noble, Corporate Secretary THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- For further information: Mr. Jim Clarke, Investor Relations, (604) 876-3636