|November 05, 2009|
Oromin Explorations Ltd. Enters Into A Bought Deal Agreement For Gross Proceeds Of $6 Million
|Vancouver, B.C., November 5, 2009 - Oromin Explorations Ltd. ("Oromin" or the "Company") announced that it has entered into an agreement with a syndicate of underwriters led by Research Capital Corporation including Toll Cross Securities Inc. and Clarus Securities Inc. (the "Underwriters") whereby the Underwriters will purchase, on a bought deal basis, 7,059,000 common shares ("Common Shares") from Oromin at a price of $0.85 per Common share for aggregate gross proceeds of $6,000,150 (the "Offering").|
The Common Shares will be offered in the Provinces of Ontario, Alberta, British Columbia and Saskatchewan by short form prospectus, and in such other jurisdictions, including the United States and in those jurisdictions outside of Canada which are agreed to by the Company and the Underwriters, where the Common Shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements. The Offering is expected to close on the week of November 30, 2009.
The Underwriters shall also have the option to purchase from the Company up to an additional 1,059,000 Common Shares issued under the final prospectus to cover over-allotments and for market stabilization purposes.
The net proceeds from the Offering will be used for Oromin for exploration and general corporate purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
To find out more about Oromin Explorations Ltd. (TSX-V:OLE; OTC/BB-OLEPF), please visit www.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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