Petrolympic Ltd. announced a non-brokered private placement of 4,000,000 units at a price of CAD 0.10 per unit to raise gross proceeds of CAD 400,000 on September 17, 2021. Each unit consists of one common share issued on a flow-through basis and one-half common share purchase warrant. The transaction included participation from one investor.

Each warrant entitles the holder thereof to purchase a common share at CAD 0.16 per share for a period of 2 year from the date of issuance, subject to acceleration in the event that the common shares trade at or above CAD 0.25 for 30 consecutive trading days. All securities issued are subject to a four-month and one day hold period from the date of issuance in accordance with applicable securities laws. The company paid finder's fee totaling CAD 24,000 representing 6% and issued 240,000 warrants, to Laurentian Bank Securities Inc, with each warrant entitles the holder thereof to purchase a common share at CAD 0.16 per share for a period of 2 year from the date of issuance.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction.