FINANCING UPDATE

CALGARY, ALBERTA (August 02, 2016) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the "Corporation") announces that the previously announced non-brokered private placement (“Private Placement”) is anticipated to close on August 04, 2016. The Private Placement was originally announced on March 22, 2016 and subsequent updates regarding the Private Placement were provided to the market by press releases dated May 25, 2016 and June 3, 2016. Proceeds from this offering will be used to satisfy the terms of a production sharing agreement for the Velca block (the “Velca Agreement”) in Albania and general working capital.

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