TSX-V Symbol: PEP
June 14, 2012, Vancouver, BC - Petrostar Petroleum Corp. ("Petrostar" or "the Company") is pleased to announce it has received final TSXV approval for a non-brokered Private Placement announced April 20, 2012. A total of 2,310,000 units were sold at $0.05 per unit for gross proceeds of $115,500.00.
Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant is exercisable at $0.10 per share for two years, expiring June 8, 2014.
The funds raised will be used exclusively for the 2011 annual financial audit, the Annual General Meeting and all expenses associated with corporate compliance such as sustaining fees and filing fees.
Finders' fees of $2,135.00 and 17,500 units will be payable.
All securities issued under this private placement are subject to a four-month hold period expiring on October 8, 2012.
About Petrostar Petroleum Corp.
Petrostar is a Tier 2 Canadian-based oil and gas exploration company trading on the TSX Venture Exchange. The long-term objective of management is to aggressively seek properties with high potential that can be advanced with minimum expenditures. The policy of the Company is to lower shareholders' risk exposure to various stages of exploration by entering into joint ventures with third parties or acquiring projects that the Company can operate as the sole owner-operator.
For further information please contact Bruce Scafe, President / CEO at 1-877-737-8864.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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