Petrolympic Ltd. Announces Closing of Private Placement of Units

TORONTO, Sept. 17, 2021 (GLOBE NEWSWIRE) — Petrolympic Ltd. (the “Company“, TSXV: PCQ) wishes to announce it has completed a non-brokered private placement (the “Offering“) of 4,000,000 units of the Company (“Units“) at a price of $0.10 per Unit, for aggregate gross proceeds of $400,000. Each Unit is comprised of one common share in the capital of the Company (a “Common Share“), issued on a flow-through basis, and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.16 for a period of two years from the date of issuance; provided, however, that in the event that the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV“) is $0.25 or higher for a period of 30 consecutive trading days, the Corporation may elect to accelerate the expiry date of the Warrants to a date that is 30 days from the date of the written notice of acceleration provided to holders of Warrants.

The Company paid aggregate cash finders fee of $24,000 representing 6% of the gross proceeds of the Offering introduced by the finders. In addition, the Company issued 240,000 compensation warrants of the Company (“Compensation Warrants“) to the finders representing 6% of the number of Units sold to subscribers introduced by the finders. Each Compensation Warrant entitles the holder thereof to purchase a warrant for $0.16 for a period of two years from the date of issuance. Laurentian Bank Securities Inc. was engaged as the Company’s exclusive finder in connection with the Offering.

The securities issued under the Offering have a hold period of four months and one day from the date of issuance.

The Company will use the net proceeds of the Offering to explore the Belcourt and the Rayon D’Or properties located in Quebec.

For further information 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

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.