PENNINE PETROLEUM CORPORATION ANNOUNCES FIRST CLOSING OF NON-BROKERED PRIVATE PLACEMENT OFFERING

CALGARY, ALBERTA (July 7, 2015) – Pennine Petroleum Corporation (TSX-VENTURE: PNN or the “Corporation”) has completed the first closing of its previously announced non-brokered private placement for new capital to accredited investors, in accordance with the TSX Venture Exchange bulletin “Notice to Issuers,” dated April 7, 2014 and August 17, 2012. This first closing of the non-brokered private placement represents $416,000 of the targeted maximum aggregate proceeds of $500,000. On June 25, 2015, the Corporation’s board of directors adjusted the non-brokered private placement to consist of up to 16,666,667 units comprising one common share and one common share purchase warrant. The warrants are exercisable into a common share at a price of $0.05 per share for a period of one year from closing.

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