Petrolympic Ltd. Pronounces Closing of Non-public Placement of Items

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TORONTO, Sept. 17, 2021 (GLOBE NEWSWIRE) — Petrolympic Ltd. (the “Firm“, TSXV: PCQ) needs to announce it has accomplished a non-brokered personal placement (the “Providing“) of 4,000,000 models of the Firm (“Items“) at a value of $0.10 per Unit, for combination gross proceeds of $400,000. Every Unit is comprised of 1 widespread share within the capital of the Firm (a “Widespread Share“), issued on a flow-through foundation, and one-half of 1 Widespread Share buy warrant (every complete warrant, a “Warrant“). Every Warrant entitles the holder thereof to buy one Widespread Share at a value of $0.16 for a interval of two years from the date of issuance; supplied, nonetheless, that within the occasion that the closing value of the Widespread Shares on the TSX Enterprise Alternate (the “TSXV“) is $0.25 or increased for a interval of 30 consecutive buying and selling days, the Company could elect to speed up the expiry date of the Warrants to a date that’s 30 days from the date of the written discover of acceleration supplied to holders of Warrants.

The Firm paid combination money finders price of $24,000 representing 6% of the gross proceeds of the Providing launched by the finders. As well as, the Firm issued 240,000 compensation warrants of the Firm (“Compensation Warrants“) to the finders representing 6% of the variety of Items bought to subscribers launched by the finders. Every Compensation Warrant entitles the holder thereof to buy a warrant for $0.16 for a interval of two years from the date of issuance. Laurentian Financial institution Securities Inc. was engaged because the Firm’s unique finder in reference to the Providing.

The securities issued below the Providing have a maintain interval of 4 months and someday from the date of issuance.

The Firm will use the web proceeds of the Providing to discover the Belcourt and the Rayon D’Or properties positioned in Quebec.

For additional data please contact:

Mendel Ekstein – President

82 Richmond St East
Toronto, ON M5C 1P1
Tel. 845-656-0184 Fax 845-231-6665

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Sure data contained or included by reference on this press launch, together with any data concerning the proposed acquisition, constitutes “forward-looking statements”. All statements, apart from statements of historic truth, are to be thought of forward-looking statements. Ahead-looking statements are essentially based mostly on a variety of estimates and assumptions that, whereas thought of cheap by the Firm, are inherently topic to important enterprise, financial, geological and aggressive uncertainties and contingencies. Though the Firm believes the expectations expressed in such forward-looking statements are based mostly on cheap assumptions, such statements are usually not guaranteeing of future efficiency. Recognized and unknown elements might trigger precise outcomes to vary materially from these projected within the forward-looking statements. Such elements embody however are usually not restricted to: financial and world market impacts of the COVID-19 pandemic, fluctuations in market costs, exploration and exploitation successes, continued availability of capital and financing, adjustments in nationwide and native authorities laws, taxation, controls, laws, expropriation or nationalization of property and basic political, financial, market or enterprise situations. Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are usually not ensures of future efficiency and, due to this fact, readers are suggested to depend on their very own analysis of such uncertainties. The entire forward-looking statements made on this press launch, or included by reference, are certified by these cautionary statements. We don’t assume any obligation to replace any forward-looking statements.

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