|November 15, 2007|
OROMIN Closes $13.5 Million Brokered Private Placement
|Further to its news releases dated October 22, 2007 and October 24, 2007, Oromin Explorations Ltd. is pleased to report that it has closed the brokered private placement of 5,400,000 units at a price of $2.50 per unit to generate gross proceeds of $13,500,000. The funds will be used primarily to fund work on its Sabodala Property in eastern Sénégal. Each unit consists of one share and one half share purchase warrant, with every whole warrant entitling the purchase of one additional share of Oromin at $3.30 per share until November 15, 2009. If for a period of 20 consecutive trading days, between four months following the closing date and until the expiry date of the warrants, the closing price of Oromin's shares equals or exceeds $5.00, Oromin may give notice in writing that the warrants will expire on the 21st day following delivery of such notice. |
J.F. Mackie & Company Ltd. of Calgary, Alberta, acted as Oromin's agent in respect of this placement and received a commission of 8% of $13,500,000 and broker warrants entitling the purchase of up to 540,000 shares at $2.75 until November 15, 2009.
All securities issued pursuant to this placement are subject to a four-month hold period expiring on March 16, 2008.
Oromin further reports that the non-brokered private placement of up to a further 1,800,000 units of Oromin at price of $2.50 per unit, each unit having the same terms as the units issued under the brokered placement, is expected to close next week.
To find out more about Oromin Explorations Ltd. (TSX-V:OLE), visit www.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS RELEASE
You can view the Next News item: Mon Nov 26, 2007, OROMIN Closes $4.5 Million Non-Brokered Portion of $18.0 Million Private Placement, Full $18.0 Million Private Placement Now Closed
You can view the Previous News item: Fri Nov 2, 2007, OROMIN Corporate Update
You can return to the main News page, or press the Back button on your browser.